- BitMEX co-founder Arthur Hayes has predicted that Bitcoin will reach $1 million.
- The crypto veteran believes that the Treasury Department’s policies will pump BTC.
- Hayes previously stated that the million-dollar valuation could take 2-3 years.
American entrepreneur Arthur Hayes has projected a million-dollar valuation for Bitcoin. The crypto veteran, who co-founded crypto exchange BitMEX, believes that the United States Treasury Department’s recent policies will pump the price of the flagship cryptocurrency as investors seek a safe haven amid financial repression.
Hayes took to Twitter earlier today to share an announcement by the U.S. Department of Treasury. The announcement was regarding a small-value debt buyback transaction, wherein the department was buying back up to $25 million worth of bonds. “Yellen starts off very slowly on the road to Yield Curve Control,” he tweeted, referring to Treasury Secretary Janet Yellen’s policies.
In his tweet, Arthur Hayes also hinted at a $1 million valuation for Bitcoin, thanks to the United States financial policies. Hayes spoke at length about this theory in a podcast with Bankless earlier this week. According to him, the U.S. Federal Reserve’s new Bank Term Funding Program (BTFP) will pave the way for Bitcoin to reach a million dollars.
The BTFP is an emergency credit facility that essentially allows financial institutions, including banks and credit unions, to borrow funds for up to one year by pledging collateral like U.S. Treasuries, mortgage-backed securities, etc. Banking giants, including J.P Morgan and Wells Fargo, saw a $210 billion bailout using the BTFP.
Speaking on Janet Yellen’s path to Yield Curve Control, Hayes stated, “And that’s what I think the real end game is, and that’s how you get to Bitcoin at $1 million. Because that is yield curve control, that is the central bank cashing the checks of the government.” He added that the valuation would come in this cycle, which will likely last 2-3 years.
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