China Is 'Throwing Gas On Raging Crypto Bull Market,' Former BitMEX CEO Says
Portfolio Pulse from Khyathi Dalal
Former BitMEX CEO Arthur Hayes predicts a surge in the cryptocurrency market due to China's potential monetary policy changes. He suggests that the U.S. and China's improved relations will lead to an increase in yuan credit, particularly in China's property sector. This influx of credit could strengthen the yuan, weaken the dollar, and result in more Chinese investment in cryptocurrencies like Bitcoin as a means to move money to Hong Kong. Hayes plans to shift his investments from T-bills to crypto in anticipation of these developments.
November 29, 2023 | 4:23 pm
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Arthur Hayes predicts a bullish trend for Bitcoin due to China's potential monetary easing and increased credit flow, which could lead to more investment in cryptocurrencies.
The article suggests that China's monetary policy changes could lead to an increased flow of yuan into the global markets, supporting the prices of risk assets like Bitcoin. As China is expected to infuse its economy with credit, this could result in a stronger yuan and a weaker dollar, making Bitcoin an attractive asset for moving money from Mainland China to Hong Kong. The anticipation of these events by a former industry CEO could influence investor sentiment and potentially drive up Bitcoin's price in the short term.
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