Arthur Hayes said Bitcoin won’t hit $1 million in 90 days.
However, the former BitMEX CEO told Bankless Podcast host David Hoffman that he thinks BTC can “absolutely” go to a million this cycle.
“Do I think Bitcoin is going to a million dollars in 90 days? No, I do not. Do I think Bitcoin is going to a million dollars in this cycle? Absolutely.”
Hayes clarified that “this cycle” is within the next two to three years.
Bitcoin to $1 million?
Balaji Srinivasan hit the headlines this week following his bet that Bitcoin would reach $1 million by June 17. The former Coinbase CTO stated that hyperinflation, fueled by the Fed’s Bank Term Funding Program (BTFP,) would trigger the move.
The BTFP is an emergency lending initiative, offering financial institutions loans against U.S. Treasuries, agency debt, mortgage-backed securities, and other qualifying assets pledged as collateral. It was a response to banking failures, including the collapse of Silicon Valley Bank.
“The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.”
Quantitative Easing (QE) refers to central banks buying assets, having the knock-on effect of balance sheet expansion, during a low-interest rate environment.
Bitcoin Magazine (BM)explained that the BTFP is QE, except for crucial differences in the program targeting financial institutions specifically and no outright purchase of pledged assets, as the liquidity is via short-term loans. In addition, although not mentioned in the BM article, it is worth pointing
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Author: Samuel Wan
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