Co-founder of the cryptocurrency exchange BitMEX and investment director of the venture company Maelstrom Arthur Hayes warned that the price of Bitcoin could quickly exceed the psychological threshold of $100,000. He believes this could happen sooner than investors expect and urges the crypto community to purchase the asset at a price below this mark.
This is reported by Business • Media
Why now is the time to buy Bitcoin
According to Hayes, the launch of bond buybacks by the U.S. Treasury will act as a catalyst for a new rally in the cryptocurrency market. He refers to this move as the “bazooka” for Bitcoin, as he believes it could trigger a significant price increase. The value of the first cryptocurrency has already surpassed $89,000, and analysts predict it could quickly reach and exceed $100,000.
Cryptocurrency as a hedge against instability
Bitcoin is increasingly being positioned as a hedge against the instability of the traditional financial system, especially in the context of high inflation and monetary expansion. At Wintermute, they believe the asset demonstrates resilience to macroeconomic fluctuations in the market.
“Bitcoin is not just a speculative asset, but a systemic alternative to government control over money, supported by bond buybacks,”
emphasizes the expert.
European head of research at Bitwise Andre Dragosh notes:
“It seems that Bitcoin is rising on the prolonged weakness of the dollar.”
He added that the U.S. dollar index “just touched its lowest level since March 2022.” Also known as the founder and chairman of Strategy (formerly MicroStrategy) Michael Saylor called Bitcoin “insulin for the survival” of companies looking to increase their capital in the market.
According to TradingView data, the price of Bitcoin at the time of preparing this news has already exceeded $89,000.
CryptoQuant analysts noted the “largest increase in open interest in Bitcoin in recent times” within a day.