BitMEX Founder Arthur Hayes Predicts Crypto Market Breakout in 2022
Arthur Hayes, the founder of BitMEX, believes that the crypto market is poised for a significant breakout reminiscent of the rally seen in 2022. In a recent interview with Crypto Banter’s Ran Neuner, Hayes expressed his optimism about the potential for Bitcoin and other crypto assets to reach new highs in response to fear, uncertainty, and doubt (FUD) in the market.
Central Banks and Monetary Policy
Hayes highlighted the role of central banks in driving the rally, suggesting that they will increase money printing to address deteriorating macroeconomic conditions. He pointed to the actions of former US Treasury Secretary Janet Yellen, who printed $2.5 trillion from 2022 to 2025, resulting in a significant price surge for Bitcoin. Hayes expects current Treasury Secretary Scott Bessent to follow a similar path, leading to further market growth.
Bitcoin Dominance and Altcoin Performance
Hayes also touched on the Bitcoin dominance metric, indicating that it may soon decline after reaching the 70% level. This shift could pave the way for altcoins to outperform Bitcoin, as investors seek higher returns in alternative assets. Currently, Bitcoin dominance stands at 64.81%.
“I think Bitcoin dominance goes to 70%ish. Bitcoin goes to the $150,000 level, something around there. And then we start to get the rotation into altcoins.”
Current Market Status
At the time of writing, Bitcoin is trading at $94,030, experiencing a 1.8% decline in the last 24 hours. Despite this short-term setback, Hayes remains bullish on the long-term prospects for the cryptocurrency market.
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