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According to Arthur Hayes, the price of Bitcoin could soar to $1 million under Donald Trump’s economic policies.
Key Notes
Arthur Hayes believes the White House ruler will not negatively impact crypto.The BitMEX co-founder sees dollar depreciation and Bitcoin price at $1 million.Donald Trump’s victory is fueling the current market rally.Former BitMEX CEO Arthur Hayes has reasons to think that Donald Trump’s incoming economic policies could trigger USD depreciation. He suggested this possibility in his new post “Black or White?”. Hayes expressed his view on the interplay between politics and financial markets in the article.
It is worth noting that the BitMEX co-founder had an opinion about the potential economic state of the US under the leadership of Trump and Kamala Harris before the election, which took place a week ago.
Arthur Hayes on Bitcoin Surge and Dollar Depreciation
He thinks Democratic Candidate Kamala Harris would take more aggressive measures to prevent a financial crisis. Referencing the economic meltdown and devaluation of tokens in Japan, Hayes mentioned that Harris would take measures to avert such a crisis. She is likely to instruct US Treasury Secretary Janet Yellen to use monetary tools to address the situation.
In the case of crypto, Arthur Hayes thinks prices will still rise no matter who sits in the White House.
With Trump’s victory, the BitMEX co-founder sees an impending crash of the United States dollar. While this stance is bad for the dollar, it sounds like a good boost for the flagship cryptocurrency Bitcoin BTC $88 276 24h volatility: 8.3% Market cap: $1.75 T Vol. 24h: $160.34 B . Hayes says the coin may soar as high as $1 million amidst the dollar’s depreciation. Noteworthy, BTC has seen some notable surge in these last seven days.
“The bitcoin price in this cycle is going to go very, very high — hundreds of thousands of dollars, maybe $1 million,” the former Bitmex executive once said. “There’s so much debt that needs to be rolled over. We’re entering a period where the global monetary architecture is completely changing.”
Hayes urges the incoming 47th president to borrow a leave from China’s economic development model. In his opinion, this will help increase the money supply and accelerate economic growth in the United States. Part of this policy will encourage the return of manufacturing in the US by implementing favorable legislation, policies, and fiscal stimuli.
These industrial policies will include tax incentives and subsidies for key industries. The US government may also need to provide cheap financing through the banking system. If the dollar’s depreciation is inevitable, Bitcoin stands the chance to become more attractive.
Bitcoin Surges to $89,000 Post Trump’s Win
In the meantime, the firstborn digital asset has hit several new All-Time Highs (ATH) this week. From trading below $65,000, BTC has surged to hit $89,000 within seven days. At this writing, the coin was traded at $89,023.65, corresponding to a 9.55% increase in 24 hours and a 29.24% increase in the last seven days.
This growth in the coin’s value was largely driven by Donald Trump’s win and general Republican victories. Meanwhile, the crypto industry expects a significant change in the regulatory landscape of the sectors. This includes replacing the current US Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Going forward, the SEC, OCC, and FDIC are expected to adopt a more crypto-friendly approach. This could potentially loosen restrictions and facilitate the integration of digital assets into the traditional financial system.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
