Arthur Hayes of BitMEX, the co-founder said that due to America’s debt and stereotypes surrounding Bitcoins the United States would not be adding more Bitcoins beyond those it currently has. “Bitcoin bros.”
“I’m not really into the whole Strategic Reserve situation,” Hayes said A May 1, 2008 interview.
Hayes doubts print money plans for Bitcoin
“The United States is a deficit country; the only way they can do a Strategic Reserve is not sell the Bitcoin they took from people, fine, that’s 200,000 Bitcoin,” He said.
Hayes says it’s difficult to imagine a situation where this isn’t true “properly elected” Openly declaring that the government will print money in order to purchase Bitcoin.BTC).
“Especially when the popular narrative is a bunch of Bitcoin bros going to the club.”
“Is that really what you want people to think about your policy?” “What did he ask?”
The US president Donald Trump will be inaugurated on March 6. signed an executive order The US should create a Bitcoin stockpile and strategic reserve. According to a report, the US has 198,012 Bitcoins worth more than $18 billion. recent data. This reserve is made up primarily by Bitcoin seized in criminal and civil casesThere are significant sums from both the Silk Road hack and Bitfinex hack.
Many crypto leaders, however, believe that the US Government buying Bitcoin could trigger a domino-like effect.
Sergej Kunz said this during Cointelegraph’s LONGITUDE event in Dubai Even smaller countries could struggle to buy Bitcoin if the US started buying it as a reserve.
Then, he added. “I’m pretty sure we’ll soon see countries battling over who owns more Bitcoin. The US will start.”
Hayes believes that the Bitcoin-to-altcoins rotation will remain unchanged
Hayes is confident in the fact that Bitcoin’s cycle will lead to altcoins season following the same pattern it followed in 2021 despite the differing opinions of other analysts.
“I personally think Bitcoin dominance is going back to where it was before the 2021 altcoin season, which is about 70%,” Hayes said.
Hayes doesn’t believe the pattern is going to change. “Then people just start rotating,” He said. “It’s back at all-time highs; bull markets are back, and altcoins should outperform. Should is a keyword there,” Hayes said. “Depends on what you buy,” He also added.
Related: Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%
Bitcoin dominance — the ratio of Bitcoin’s market capitalization to the entire crypto market — is 64.78% at the time of publication, according TradingView provides data on the market.
The increase is 11.68% since January 1. At that time, Bitcoin was just a little below 60% dominance. This level had been predicted by some analysts to be its highest before the altcoin boom began.
Many analysts thought that Bitcoin would never reach 70% dominance.
Benjamin Cowen of Into The Cryptoverse, the company’s founder, was among those who skeptics. in August that he doesn’t “think it is going back up to 70%,” The target he has set for Bitcoin is 60%.
CryptoQuant CEO Ki Young Ju also said in December that the company was launching a new product called CryptoQuant. “altseason is no longer defined by asset rotation from Bitcoin.”
Then he said the traditional signal marking the beginning The idea of an altcoin generation, in which capital is shifted from Bitcoin to other altcoins, has become outdated. Trading volume for altcoins has increased against fiat and stablecoin currency pairs.
Magazine: Crypto wanted to overthrow banks, and now it’s becoming them in stablecoin fight
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Source: cointelegraph.com
