BitMEX co-founder Arthur Hayes believes one catalyst may assist ship Bitcoin (BTC) to seven figures as US debt mounts.
Hayes tells his 586,800 followers on the social media platform X that if US banks obtain a supplementary leverage ratio (SLR) rule change, liquidity may flood the markets, giving Bitcoin a large enhance.
A brief SLR rule change was offered in the course of the COVID-19 pandemic “to ease strains within the Treasury market ensuing from the coronavirus and enhance banking organizations’ skills to supply credit score to households and companies.”
The SLR determines how a lot liquidity massive banks must have available to verify banks don’t tackle an excessive amount of threat.
Says Hayes,
“The PR marketing campaign by US banksters to get an SLR exemption is in full swing. That is prime information on my bloomie (Bloomberg) [Wednesday]. This permits banks to purchase USTs (U.S. Treasury securities) with infinite leverage and simply fund the insane quantity of USG (US authorities) debt issuance. One other signpost on the street to BTC = $1 million.”
Final month, Hayes mentioned he believes Bitcoin might hit $1 million this cycle as a result of international central banks rising the cash provide.
“I consider we are able to get to $1 million finish of the cycle – $1 million… as a result of the sum of money that’s going to be printed goes to be completely insane as each authorities all over the world does the identical factor, which is print cash to make my individuals really feel joyful as a result of the worldwide development is slowing…
I feel that we’re in a transition interval of a world monetary system. We’re going to alter it. The elites will resist the change, which implies they’re going to print some huge cash and extra money that’s ever been printed as a result of they don’t need the post-World Battle II US hegemony to alter.”
Bitcoin is buying and selling for $96,922 at time of writing, up 2.7% within the final 24 hours.
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