Bitcoin billionaire and former BitMEX CEO Arthur Hayes shared a mix of cautious optimism and strategic moves for Bitcoin following a weekly decline.
Hayes’s insights emerge as weekly red candles appear on multiple cryptocurrency charts. These candles reflect the market’s downturn earlier this week, which he believes could be the bottom.
“While I don’t expect crypto to fully realize the recent U.S. monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher,” Hayes stated in a recent blog post. This perspective comes at a time when investors and market spectators are desperate for a sign of stability.
Bitcoin recently took a significant hit, dropping below $57,000 just before a crucial Federal Reserve meeting. However, following Fed Chair Jerome Powell’s announcement that interest rates would remain unchanged — a widely anticipated decision — Bitcoin’s price began to stabilize. It has since climbed to $61,870, marking a 4.65% increase in the past 24 hours via CoinMarketCap, following news of U.S. jobs data.
Despite his optimism about the market finding its bottom, Hayes revealed that he would not be adding to his Bitcoin (BTC) holdings but instead focusing on other opportunities.
“I certainly won’t be babysitting Bitcoin when I could be two-stepping,” he wrote, expressing his intent to shift his investments to high-volatility assets like Solana (SOL) and “doggie coins.”
In addition to his market predictions, Hayes pointed to several U.S. economic measures that could increase dollar liquidity, which he views as positive indicators for the crypto market.
These include the recent bailout of Republic First Bank and upcoming increased federal borrowing, which Hayes believes will raise long-term bond rates and potentially trigger yield curve control measures from Treasury Secretary Janet Yellen.
As these macroeconomic factors play out, Hayes is bullish about Bitcoin’s long-term prospects, even predicting a possible ascent to $1 million.
