BitMEX Founder Arthur Hayes Believes Bitcoin Can Cross $1 Million Mark

• Popular crypto seasoned Arthur Hayes says it’s imaginable for Bitcoin to transverse the $1 cardinal threshold. 
• Hayes believes that the Federal Reserve’s caller Bank Term Funding Program volition pump BTC massively. 
• The $1 cardinal projection became fashionable aft erstwhile Coinbase enforcement Balaji Srinivasan made a nationalist stake connected the same. 

Arthur Hayes, the fashionable crypto seasoned who founded crypto speech BitMEX, believes that Bitcoin has the imaginable to transverse the million-dollar threshold. In a caller podcast with Bankless, Hayes shared his thoughts connected the United States Federal Reserve’s caller banking argumentation and its imaginable interaction connected the prices of crypto assets. 

Hayes: Bitcoin volition payment from the Bank Term Funding Program

According to Arthur Hayes, BTC volition execute this singular valuation acknowledgment to the Federal Reserve’s caller Bank Term Funding Program (BTFP), which allows banks, recognition unions, and different eligible depository institutions to get funds for up to 1 year, utilizing bureau debt, U.S. Treasuries, mortgage-backed securities, etc, arsenic collateral. The BFTP precocious facilitated a $210 cardinal bailout of the large 4 U.S. banks i.e. JPMorgan Chase, Bank of America, Wells Fargo, and Citibank, by letting them get against their antagonistic collateral value. 

Hayes believes that this backing programme volition induce a “merry-go-round” effect wherein American banks volition person an unlimited proviso of currency from the Federal Reserve successful speech for holding authorities bonds. The BitMEX laminitis believes that this “sinister” programme volition pump Bitcoin to $1 million. 

It volition beryllium profitable for the banks to person a deposit base, bargain each azygous security they tin of US authorities debt, and if they ever request to springiness their depositors backmost money, they springiness their indebtedness to the Fed, the Fed gives them dollars. So we spell connected this small merry-go-round and the US authorities gets to worldly bonds down the throats of the banks and everybody’s happy.”

The $1 cardinal projection for Bitcoin became fashionable earlier this week aft Balaji Srinivasan, an entrepreneur who formerly served arsenic Coinbase’s Chief Technology Officer, made a public bet predicting that BTC would beryllium worthy a cardinal dollars wrong the adjacent 90 days.