Crypto Pioneer Arthur Hayes On Why Its Time To Go Long On Bitcoin And Shitcoins
Arthur Hayes, BitMEX co-founder and the chief investment officer of family office Maelstrom, has posited that the time has come to dive into Bitcoin (BTC) and conviction shitcoins as he believes the crypto bull market is reawakening. This is after interest rate cuts this week by the Bank of Canada and the European Central Bank.
Bullish Outlook: Global Rate Cuts May Bring New All-Time Highs
Earlier this week, both the Bank of Canada and the European Central Bank became the first G7 countries to cut their benchmark interest rates, which neither region has done in years following a long battle to cool inflation. BitMEXs Arthur Hayes said in a Thursday blog post that those key moves will catapult crypto out of the northern hemispheric summer doldrums.
The trend is clear. Central banks at the margin are starting easing cycles, the 39-year-old crypto OG postulated. We know how to play this game Go long Bitcoin and subsequently shitcoins.
Other things being constant, tighter monetary policy is usually a bullish catalyst for risk assets like Bitcoin as higher rates foster competition for investor money. With a cycle of lower interest rates across Western economies impending, BTC bulls might soon aim for the benchmark cryptos lifetime high from March above $73,700.
The big question from now on is whether the U.S. Federal Reserve will follow in the footsteps of its global counterparts and enact a rate cut at the upcoming June meeting. While some Fed officials have suggested that any monetary easing could only happen in 2025, recent data has shown that inflation is proving more persistent in the United States.
Crypto Bull Run Returns
For his portfolio, Hayes said he would be rotating out of Ethenas synthetic dollar stablecoin USDe and deploying it into conviction shitcoins, which he said he would reveal only after hes done purchasing them.
For the Maelstrom portfolio projects, who asked for my opinion on whether to launch their tokens now or later, I say, Lets Fucking Go! the ex-BitMEX CEO added.
Despite Bitcoins struggle to break above the seminal resistance at $72,000, he predicts an imminent run to fresh record highs as macro conditions are shifting in favor of risk assets.
Suffice it to say, the crypto bull is reawakening and is about to gore the hides of profligate central bankers, Hayes postulated.
Bitcoin is trading for $69,377 at publication time amid a crypto market pullback, CoinGecko data shows, down 1.9% over the past 24 hours.
Text source: ZyCrypto
