The price of Bitcoin has risen so much in recent months that many pessimists have now changed their minds. There were many people who were convinced that last year’s bear market would continue. Nevertheless, there are now many signs that the bull market has actually begun. Former BitMEX CEO and investor Arthur Hayes believes the price will reach a much greener territory.
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Bitcoin price strong after Fed news
On Thursday it was announced that the Federal Reserve could cut its key interest rate in 2024. The market is hoping for a so-called “soft landing” in which inflation falls without the economy falling into recession.
Many stocks, bonds and the US dollar rose in value shortly after this news. Cryptocurrencies also benefited. In fact, according to Bloomberg, financial markets had their best day since 2009, with many major assets up at least 1%. This applied to the Nasdaq 100 technology index, but also to the Brazilian Ibovespa index.
Bitcoin to $1 million?
On the social media platform X, Hayes explains that there is no excuse not to own cryptocurrencies. Lower central bank interest rates make it easier to borrow, which is good for the economy and financial markets.
Hayes is not averse to optimistic statements. Following yesterday’s news, he predicted that a reversal of Federal Reserve policy could see Bitcoin (BTC) reach a price of $1 million. He does not say whether he thinks this will be the case in 2024. He calls fiat currency a “dirty mess.”
At this point there is no excuse not to wait long #Crypto. How many times do they have to tell you that the fiat money in your pocket is a dirty piece of garbage. Believe in the Lord and He will deliver you. $BTC = &1mm
Yacht Sea!!! pic.twitter.com/xbJUCnyy6f
— Arthur Hayes (@CryptoHayes) December 14, 2023
In any case, he appears to be sticking to his $1 million price prediction. He also mentioned this amount last October, saying wars and economic crises were the reason for it. That would put pressure on fiat currencies. In August he compared national currencies to toilet paper.
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