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Arthur Hayes, co-founder of BitMEX, forecasts a crypto bull run driven by U.S. Treasury actions, with Bitcoin (CRYPTO: BTC) potentially reaching $100,000.
What Happened: In his latest essay, Hayes argues that U.S. Treasury Secretary Janet Yellen‘s strategies to manage liquidity will be the key driver for crypto markets. He points to the relationship between the Federal Reserve’s Reverse Repo Program (RRP) and Bitcoin’s price, noting that as money leaves the Fed’s balance sheet, it adds liquidity to the market, boosting Bitcoin’s value.
He also touches on the potential for an even larger liquidity injection in 2025, as banks may start exchanging their reserves at the Fed for higher-yielding T-bills. This could release an additional $3.3 trillion into the financial markets.
Hayes predicts that the Treasury will inject between $301 billion and $1.05 trillion into the market by year-end through T-bill issuance and potentially spending down the Treasury General Account. This liquidity injection, he posits, will create a "glorious bull market in all types of risk assets, including crypto."
Also Read: The Game Theory Behind BlackRock’s Bitcoin Acquisitions: ‘It Is Unstoppable,’ Influencer Claims
Why It Matters: Hayes suggests crypto investors take advantage of the current market weakness and "load up on crypto risk," but also nudges taking profits in October, which he expects to be the peak of market manipulation before the U.S. election.
Looking further ahead, Hayes maintains his long-term prediction of $1 million Bitcoin, suggesting that after the U.S. debt ceiling is raised in early 2025, "the bull market will begin for realz."
While Hayes’ predictions are bold, investors should approach them cautiously and consider them as part of a broader investment strategy.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
Posted In: $BTC
