{"id":18507,"date":"2024-11-12T12:48:31","date_gmt":"2024-11-12T10:48:31","guid":{"rendered":"https:\/\/forklog.com\/en\/arthur-hayes-reiterates-bitcoins-potential-surge-to-1-million\/"},"modified":"2024-11-12T12:48:31","modified_gmt":"2024-11-12T10:48:31","slug":"arthur-hayes-reiterates-bitcoins-potential-surge-to-1-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/arthur-hayes-reiterates-bitcoins-potential-surge-to-1-million\/","title":{"rendered":"Arthur Hayes Reiterates Bitcoin&#8217;s Potential Surge to $1 Million"},"content":{"rendered":"<p>The economic policies of the next US president, Donald Trump, could devalue the dollar, potentially pushing the price of Bitcoin to $1 million, according to former BitMEX CEO Arthur Hayes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Arthur Hayes&#8217; latest article points out that Trump&#8217;s economic policies may lead to a depreciation of the US dollar and one Bitcoin price reaching $1 million. The article said that Trump may adopt an economic development model similar to China, which will increase the money supply\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1856224612931252550?ref_src=twsrc%5Etfw\">November 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async \nsrc=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Hayes had previously mentioned this target in October 2023, citing limited asset issuance, the potential approval of spot Bitcoin ETFs, and geopolitical uncertainty as reasons for his expectations.<\/p>\n<p>All three factors remain relevant today. The <span data-descr=\"US Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span><a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\"> registered<\/a> BTC-ETF in January 2024, with inflows reaching $26.2 billion since then.<\/p>\n<p>In his new essay, Hayes noted that Trump might employ a model of &#8220;American capitalism with Chinese characteristics.&#8221; The &#8220;America First&#8221; program bears resemblance to China&#8217;s development path initiated under Deng Xiaoping in the 1980s and continuing to this day.<\/p>\n<p>This involves boosting nominal GDP growth through government tax incentives and subsidies to relocate critical industries. Eligible companies will receive cheap bank financing.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1290.webp\" alt=\"1-1290\" class=\"wp-image-244989\"\/><figcaption class=\"wp-element-caption\">Data: Substack.<\/figcaption><\/figure>\n<p>To implement the program, the US Treasury will need to actively raise funds in the debt market, maintaining a significant federal budget deficit. At a certain point, the former BitMEX CEO anticipates the launch of &#8220;infinite <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9A%D0%BE%D0%BB%D0%B8%D1%87%D0%B5%D1%81%D1%82%D0%B2%D0%B5%D0%BD%D0%BD%D0%BE%D0%B5_%D1%81%D0%BC%D1%8F%D0%B3%D1%87%D0%B5%D0%BD%D0%B8%D0%B5\" title=\"\">QE<\/a>.&#8221;<\/p>\n<p>Accelerated economic growth will lead to an increase in the money supply, weakening the dollar and driving inflation.<\/p>\n<p>According to Hayes, deposit holders and long-term bond investors will suffer, while buyers of gold, Bitcoin, and stocks in funded industries will benefit.<\/p>\n<p>Bitcoin, in particular, may exhibit more positive dynamics than during the period from March 2020 to November 2021.<\/p>\n<p>During the pandemic, US stimulus measures reached $4 trillion. Against this backdrop, the US debt burden fell from 132% to 115% of GDP. Hayes suggested that returning this parameter to the levels observed in September 2008 (70% of GDP) would require creating $10.5 trillion in new credit.<\/p>\n<p>Based on the correlation between bank lending volumes and Bitcoin dynamics, Hayes estimated the latter&#8217;s price in this scenario at $1 million.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As the available supply of the first cryptocurrency shrinks [\u2026] fiat money will seek refuge. Go long and stay long,&#8221; proposed the former BitMEX CEO.<\/p>\n<\/blockquote>\n<p>In October, Hayes predicted increased demand for digital gold as a result of inevitable economic stimulus measures by Chinese authorities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The economic policies of the next US president, Donald Trump, could devalue the dollar, potentially pushing the price of Bitcoin to $1 million, according to former BitMEX CEO Arthur Hayes. Arthur Hayes&#8217; latest article points out that Trump&#8217;s economic policies may lead to a depreciation of the US dollar and one Bitcoin price reaching $1 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1193,1146,1224,842],"class_list":["post-18507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arthur-hayes","tag-cryptocurrency-market-forecasts","tag-macroeconomics","tag-politics"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18507"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18507\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18506"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}