Bitcoin and cryptocurrency prices — including major currencies like Ethereum and XRPXRP — have skyrocketed in recent weeks (despite a dire warning from the Federal Reserve).
Subscribe now to Forbes Crypto Assets and Blockchain Advisor And “Discover which blockchain successes are poised to deliver an additional 1000% gain” ahead of Bitcoin’s historic halving next year!
The price of Bitcoin has soared close to $50,000 per bitcoin, adding billions of dollars to the combined Bitcoin, Ethereum, XRP and cryptocurrency market, forcing the US government to declare a “state of emergency” for cryptocurrencies.
Now, as a respected analyst reveals a surprising theory behind Bitcoin's latest price pump, cryptocurrency trader Arthur Hayes predicts that the Fed's pullback will send Bitcoin's price soaring to $1 million — which would give Bitcoin a market cap of around $20 trillion. dollar.
The historic Bitcoin halving, which is expected to cause chaos in cryptocurrency prices, is just around the corner! Register now, for free Cryptocodex—A daily newsletter for traders, investors and cryptocurrency enthusiasts that will keep you ahead of the market
“It is time for some bank failures and new monetary strength [Fed chair Jerome] Powell W [U.S. Treasury secretary Janet] Yellen,” Hayes, who founded cryptocurrency exchange Bitmex and now runs a family office fund, to publish to In May, First Republic became the largest US bank to fail since 2008.
This week, shares of New York Community BancorpNYCB (NYCB) collapsed after revealing a surprise loss.
“[Powell] Says the United States [economy] And banks [are] Strong to very strong,” Hayes He added. “The New York Fed says otherwise. Who's right, the market or the central banker? Time and compound interest are two things that even neo-Keynesians can't get rid of. A bailout is coming.”
Hayes predicted that the price of Bitcoin would rise to $1 million if the Federal Reserve and the US government were forced to launch another bailout in addition to the massive spending they spent during the Covid pandemic and lockdowns.
Last year, technology investor and former chief technology investor at CoinbaseCOIN, Balaji Srinivasan, made a similar bet that Bitcoin would reach $1 million within months, but was forced to admit defeat when it failed to rise.
Srinivasan continued to predict that the US dollar “will collapse against Bitcoin,” while the Russian president warned this week that the Biden administration was “killing” the US dollar.
Register now for Cryptocodex– Free daily newsletter for cryptocurrency fans
Meanwhile, Bitcoin, Ethereum, Ripple and cryptocurrency market watchers welcomed the recent rise in Bitcoin prices.
“The market has confidently moved into a state of greed, which we last saw a month ago,” Alex Kuptsikevich, chief market analyst at FxPro, wrote in email comments.
“Last month's corrective pullback and consolidation in early February helped gather strength for a real breakout. BitcoinBTC has gained nearly 10% in the past four days to trade at $46,200. All eyes are now focused on whether Bitcoin can break higher “Previous levels from which they had risen. They pulled back shortly after the initial reaction to the launch of spot ETFs.”
Follow me Twitter.
