Arthur Hayes says Bitcoin has bottomed

Former BitMEX CEO Arthur Hayes said on Scott Melker’s podcast that Bitcoin has reached the bottom of the current cycle, as almost all ‘irresponsible organizations’ have run out of BTC to sell.

Hayes explained that in times of financial distress, centralized lending firms often first turn to loans and then sell Bitcoin, which acts as a reserve liquid asset.

“If you look at the balance sheet of any of these players, you won’t see Bitcoin there. … They sold it during the wave before they went bankrupt,” he added.

Hayes advanced a similar argument in his blog, explaining the reasons for Bitcoin’s decline even before the bankruptcy of centralized lending companies.

He believes the period of large-scale liquidations has ended.

“If you had to sell, you would have done so already. There is no reason to hold back if you need fiat to stay afloat,” Hayes wrote.

Let’s try this again.

In «PEMDAS» I argue that $BTC has bottomed, and then talk about which type of #crypto‘s I will hold while waiting for the money printer to go brrr once more.https://t.co/JNAQ7VK0Ec pic.twitter.com/IV4Td1UTda

— Arthur Hayes (@CryptoHayes) December 9, 2022

According to the expert, the digital assets market is expected to see a partial recovery in 2023 amid another round of money printing by the U.S. Federal Reserve.

As reported in November, Hayes described CBDCs as ‘pure evil’, an ideal tool for governments and an encroachment on sovereignty over honest deals between people.

Earlier he allowed China’s return to the digital assets industry with the help of Hong Kong.

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