Former BitMEX CEO allows the possibility of the BTC exchange rate to rise to $1 million in 2024

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What’s new? Former CEO of the BitMEX crypto exchange, Arthur Hayes, reaffirmed his previously repeatedly announced prediction that the bitcoin rate will reach the mark of $1 million. He also commented on the US Federal Reserve System meeting, which resulted in the announcement of the transition to monetary policy easing in 2024. According to Hayes, from then on, “there is no excuse not to be long crypto.”

Источник: Twitter.com

What else is known? The US Central Bank left the rate unchanged for the third time after a long series of increases. It sits at 5,25-5,5%, the highest since 2001.

Fed Chair Jerome Powell noted that the agency does not consider further tightening of monetary policy as the main scenario. Moreover, it is assumed that by the end of next year, the rate will be gradually reduced by 75 basis points. Stock and currency markets reacted with sharp growth.

According to Hayes, such news is evidence that money cannot serve as a reliable store of value. In particular, the easing of the monetary policy could contribute to higher inflation.

“How many more times must they tell you that the fiat in your pocket is a filthy piece of trash,” the businessman wondered, commenting on the officials’ actions.

Last March, Hayes said that bitcoin’s rise to $1 million would be facilitated by anti-Russian sanctions and a “financial crisis of epic proportions” that would allow the first cryptocurrency to gain an advantage over the dollar.

In April, he specified that one of the catalysts for the growth of BTC to the previously mentioned mark would be the acceleration of inflation.

Already in March this year, Hayes said that it would take 2-3 years for bitcoin to grow to $ 1 million. Then he again noted that the cryptocurrency along with gold and real estate is a more preferable asset compared to fiat.

In May, the businessman reiterated his prediction, explaining that the Fed’s actions will force more and more people to resort to BTC as a means of preserving value.

In November, amid the hype surrounding spot cryptocurrency exchange-traded funds and their possible launch in the United States, Hayes said that institutionalization would ruin bitcoin. Thus, when the funds are launched, a large number of coins from circulation will move to the accounts of the largest investment companies, which are controlled by the government.