Arthur Hayes has told investors to be ready to buy bitcoin. He predicted the asset will perform well over the next few years, and said the price could eventually reach $250,000 if the United States continues to expand its money supply. Bitcoin has risen about 20% since mid-August, boosting its total market capitalization by about $300 billion within a matter of hours, according to the report.
Scott Bessent has previously pledged support for the bond market. This week, the Treasury is reported to be considering the use of nearly $1 trillion from its General Account to fund bond purchases.
Forbes Digital Assets cited Xapo Bank investment manager Gadi Chait as saying that bitcoin gained about 23% last week, its largest weekly increase since March 2023. Over the same period, US spot bitcoin ETFs recorded net inflows of about $1.9 billion. Record short liquidations added further momentum, helping extend the advance.
Hayes: Be Ready to Buy Bitcoin
Arthur Hayes says investors should be ready to buy bitcoin. He predicted the asset will perform well over the next few years, and argued that continued expansion of the U.S. money supply could eventually push the price to $250,000.
Bitcoin has gained about 20% since mid-August, adding roughly $300 billion to its total market capitalization within hours, according to Forbes Digital Assets.
Bond Market Support and the Treasury General Account
Scott Bessent has previously pledged support for the bond market. This week, the Treasury is reported to be weighing the use of nearly $1 trillion from the Treasury General Account to fund bond purchases.
Weekly Gain, ETF Inflows and Short Liquidations
Xapo Bank investment manager Gadi Chait said bitcoin climbed about 23% last week, its biggest weekly advance since March 2023. Over the same stretch, US spot bitcoin ETFs recorded net inflows of about $1.9 billion.
Record short liquidations added further upward pressure, helping fuel the rally, according to the report.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
