In his new article, BitMEX's outspoken co-founder Arthur Hayes weighs in on recent macroeconomic developments and their impact on the crypto market.
Calling the G7 central banks a group of fools, Hayes criticized the policies of the G7 central banks.
At this point, the famous name stated that he will continue to invest in Bitcoin and altcoins due to the policies of G7 central banks, and said that the prediction based on the dollar-yen relationship stated in his previous article is still valid.
Hayes stated that in order to strengthen the gradually weakening Japanese Yen, the FED would print new dollars and make an unlimited dollar-yen currency swap with the Bank of Japan, and the yen would strengthen and the dollar would weaken.
At this point, Hayes argues that a weakening dollar could spark a rally in risky assets like BTC.
FED Will Also Join Other Central Banks!
Evaluating the interest rate cuts by the European Central Bank (ECB) and the Bank of Canada (BOC) this week, Hayes stated that other major central banks will also participate in the interest rate cuts.
Thinking that the important part here is whether the FED will reduce interest rates before the presidential elections, Hayes said, “If the FED reduces interest rates at its meeting in June while inflation is still above the 2% target, the difference between the dollar and the yen will decrease significantly, which will strengthen the yen. “It means the dollar will weaken. However, given the negative results in the polls due to rising prices, I do not believe the FED is ready to cut interest rates,” Joe Biden said.
Although the famous name does not expect the FED to cut interest rates early, he believes that the US FED will also have to participate in this discount cycle as major central banks begin to reduce interest rates.
“'June central bank fireworks, kicked off this week by BOC and ECB interest rate cuts, will launch Bitcoin and cryptocurrencies.
BTC may be ready to break into an uptrend after months of consolidation.
At this point, the FED's meeting on June 12 may help determine the direction of the BTC price.”
Turn to Bitcoin and Shitcoins!
Arthur Hayes, who advised investors to take long positions in Bitcoin and shitcoins such as DOGE and SHIB in the face of the policies of central banks, said:
“The crypto bull is re-awakening to defeat spendthrift central bankers.
Invest in Bitcoin and shitcoins. We know how to play this game. “This is the same game we have been playing since 2009, when our savior Satoshi gave us the Bitcoin weapon to defeat the TradFi demon.”
*This is not investment advice.