Cryptocurrencies, including Bitcoin and major coins Ethereum and XRPXRP, have soared in recent weeks (despite a dire warning from the Federal Reserve).
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The price of Bitcoin has soared to the point where it can reach $50,000 per Bitcoin, billions of dollars have been added to the combined Bitcoin, Ethereum, ” was forced to declare.
Now, as one prominent analyst reveals a surprising theory behind the latest Bitcoin price spike, crypto trader Arthur Hayes says the Fed's reversal will cause Bitcoin prices to explode to $1 million. predicted that Bitcoin's market capitalization would reach approximately $20 trillion.
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“The time has come for banks to fail and new financial capital to flow in. [Fed chair Jerome] Powell and [U.S. Treasury secretary Janet] Hayes, who founded the cryptocurrency exchange BitMEX with “Yellen'' and currently runs a family office fund. Posted He cited concerns across Wall Street that another banking crisis is on the horizon, less than a year after the failure of Silicon Valley Bank. In May, First Republic became the largest US financial institution to fail since 2008.
This week, New York Community Bancorp NYCB (NYCB) stock tumbled after the company disclosed unexpected losses.
”[Powell] US says [economy] and the bank [are] From Strong to Very Strong” Hayes Added. “The NYCB says otherwise. Who is right, the market or the central bankers? Time and compound interest are inevitable, even for neo-Keynesians. A bailout is coming.
Hayes predicted that the price of Bitcoin could soar to $1 million if the Fed and the U.S. government are forced to issue new bailouts on top of the massive spending they have amassed through the coronavirus pandemic and lockdowns.
Last year, technology investor and former CoinbaseCOIN chief technology investor Balaji Srinivasan made a similar bet that Bitcoin would reach $1 million within a few months, but it failed to rise and he was forced to admit defeat. lost.
While Srinivasan continues to predict that the US dollar will “collapse against Bitcoin,” the Russian president warned this week that the Biden administration is “killing” the US dollar.
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Meanwhile, other Bitcoin, Ethereum, XRP and crypto market watchers have welcomed the recent rise in Bitcoin prices.
“The market has confidently moved into a greedy state, and the last time we saw it that way was a month ago,” Alex Kupczykevich, senior market analyst at FxPro, said in emailed comments. Ta.
“Last month’s corrective pullback and consolidation in early February are helping to gather strength for a full-blown breakout.Bitcoin BTC has risen almost 10% in the past four days to $46,200. The spot ETF was withdrawn shortly after the initial reaction to its launch. ”
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