Arthur Hayes Predicts Bitcoin Bull Run Resurgence Due to Janet Yellen’s Policies
Crypto investor Arthur Hayes believes that Bitcoin could be on the verge of a bull run resurgence, thanks to upcoming economic shifts in the United States. Hayes points to Treasury Secretary Janet Yellen as the key figure to watch, as her policies could inject new liquidity into the economy.
On April 29, the United States Treasury is set to release quarterly refunding documentation, outlining strategies for managing liquidity. Hayes highlights the importance of two key liquidity sources within this documentation: the Reverse Purchase Agreement (RRPS) and the Treasury General Account (TGA).
Hayes predicts a potential $1.4 trillion liquidity injection, with $1 trillion coming from a TGA drain and $400 million from RRPs. He believes that if Yellen takes certain actions, such as running down the TGA to zero, it could lead to a rally in stocks and a re-acceleration of the crypto bull market.
In addition to Hayes’ insights, Bitcoin ETFs are also facing a slowdown in inflows. Despite a successful debut, Bloomberg ETF analyst Eric Balchunas sees the recent slowdown of BlackRock’s iShares Bitcoin Trust (IBIT) as a natural progression. IBIT is currently the second-largest Bitcoin product by assets under management, trailing only the Grayscale Bitcoin Trust (GBTC).
Overall, experts like Cathie Wood of ARK Invest anticipate further gains in the Bitcoin market, with Wood even predicting that Bitcoin could surpass the $1 million mark. With these economic shifts and expert predictions, the future of Bitcoin and the crypto market looks promising.
