Altcoins
Arthur Hayes Says Central Banks Are About to Catapult Bitcoin and Altcoins to New Heights – Here’s Why
BitMEX co-founder Arthur Hayes says a change in central bank policy is about to push crypto assets into a new bullish phase.
In a new essay, Hayes, now CIO of cryptocurrency investment fund Maelstrom, notes that both Bank of Canada (BOC) and the European Central Bank (ECB) have decided to lower interest rates.
Hayes He says moves in Europe and Canada suggest that a global shift towards more accommodative monetary policy may be underway, and could therefore signal a rise in risky assets once the Federal Reserve in the US follows suit.
“Central banks’ June fireworks, triggered this week by BOC and ECB rate cuts, will catapult cryptocurrencies out of the Northern Hemisphere’s summer doldrums. This was not the expected base case. I thought the fireworks would start in August, right around the time the Fed is hosting the Jackson Hole symposium. This is typically where abrupt policy changes are announced in the fall.
The trend is clear. Central banks on the sidelines are starting easing cycles.”
Source: NDR/Arthur Hayes
According to Hayes, the new chapter in monetary policy means it’s time to “go long Bitcoin and then sh*tcoin.”
Says the cryptocurrency veteran,
“The macroeconomic landscape has changed compared to my baseline scenario. Therefore, my strategy will also change. For the Maelstrom portfolio projects, who asked for my opinion on whether to launch their tokens now or later. I say: come on, damn it!
For my excess cash in synthetic cryptocurrencies, aka Ethena’s USD (USDe), which is earning some serious APYs (Annual Percentage Yields), it’s time to deploy it on conviction shit again. Of course, I will tell readers what they are after they purchase them. But suffice it to say, the cryptocurrency bull is awakening and about to get under the skin of profligate central bankers.”
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Featured image: Shutterstock/prodigital art