Arthur Hayes published an article describing the state of the financial market and the factors that will drive bitcoin growth. The former head of BitMEX believes that the U.S. financial market will continue to face problems: the amount of government debt will accumulate every year, leading to a massive outflow of funds from investors. Hayes noted that the U.S. Federal Reserve’s (Fed) “endless printing of money” is also fueling people’s interest in bitcoin as they seek to save their savings from rising inflation.
“While many pundits debate what happens to the billions of dollars printed, the machine doesn’t stop. And when the printer buzzes, bitcoin goes up!” – Hayes joked.
The BitMEX co-founder suggested that banks will continue to experience financial difficulties due to inflation and rising short-term interest rates. As liquidity flows into bitcoin and gold a bullish trend in the market could begin late in the third or early in the fourth quarter of 2023. So Hayes urged investors to be patient, reminding them that no asset goes up or down in a straight line.
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“I believe the fireworks will start late in the third quarter or early in the fourth quarter.. In the meantime, relax, take a vacation and enjoy nature with friends or family. Because this fall you better buckle down in your merchant spacecraft and be ready to take off,” Hayes continued to joke.
Recently, the businessman doubted that bitcoin is capable of reaching new heights in 2023, stressing: the sluggish market dynamics is primarily due to decreased interest and boredom among traders.