- Arthur Hayes believes Bitcoin and altcoins remain a good investment despite recent volatility, arguing investors have “no excuse” not to go long on crypto
- Hayes says the Fed’s anticipated pivot to lowering rates in 2024 will benefit crypto markets driven by liquidity
- Hayes reiterated his prediction for Bitcoin to hit $1 million by 2024, as macro conditions continue eroding fiat currency value relative to crypto
Arthur Hayes, former CEO of crypto exchange BitMEX, believes Bitcoin and altcoins remain a solid investment bet despite recent volatility. In a recent tweet, Hayes stated investors have “no excuse” not to go long on crypto assets.
The Fed’s Policy Pivot
Hayes argues the U.S. Federal Reserve’s anticipated pivot towards lowering interest rates in 2024 will benefit liquidity-driven crypto markets. At the latest FOMC meeting, Fed Chair Jerome Powell signaled rate hikes are likely nearing their peak. This fueled speculation of rate cuts in early 2024.
According to Hayes, macro conditions continue eroding the value of fiat currencies relative to crypto. As a result, he reiterated his longstanding prediction for Bitcoin to hit $1 million by 2024.
Bitcoin Price Action
At the time of writing, Bitcoin traded around $42,500 after a brief dip below $41,000 earlier this week. The flash crash marked Bitcoin’s largest single-day decline of 2023 so far. Some traders attributed the dip to a security issue affecting Ledger hardware wallets.
Despite the volatility, data shows total Bitcoin long liquidations remained relatively modest. This suggests trader sentiment remains bullish on further price upside for BTC.
