{"id":495343,"date":"2022-07-11T22:00:12","date_gmt":"2022-07-11T22:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=495343"},"modified":"2024-06-11T14:21:27","modified_gmt":"2024-06-11T14:21:27","slug":"former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\/","title":{"rendered":"Former BitMEX CEO Arthur Hayes Says \u201cPrepare\u201d For A Massive Bitcoin Rally"},"content":{"rendered":"

Bitcoin is still stuck in a tight range as it trades around $20,000 to $21,000. The cryptocurrency was rejected at major resistance levels and could re-test its yearly lows close to $17,000.<\/p>\n

Related Reading |\u00a0TA: Ethereum Revisits Key Support, Can The Bulls Protect More Losses<\/a><\/strong><\/p>\n

At the time of writing, BTC\u2019s price trades at $20,600 with a 1.4% loss and a 7% profit in the last 24 hours and last week respectively.<\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

Bitcoin has been trending to the downside since late 2021 when the cryptocurrency reached an all-time high at $69,000. Since then, BTC\u2019s price has lost over 60% of its value and could continue trending to the downside in the short term.<\/p>\n

However, former CEO at crypto exchange BitMEX Arthur Hayes claims a \u201cDoom Loop\u201d has begun in the macroeconomic arena. Via Twitter, Hayes shared the Euro (EUR) daily chart compared to the U.S. dollar.<\/p>\n

The European currency reached parity with its North American counterpart for the first time in 20 years. Similar to Bitcoin, the Euro has been trending to the downside since 2021 and could potentially extend its losses.<\/p>\n

This dropped was triggered by the Ukraine-Russia conflict, and by the increase in inflation forcing central banks around the world to take action by reducing their balance sheets or increasing their interest rates. The European Central Bank (ECB) has been unable to take an effective measure.<\/p>\n

Thus, contributing to the decline of its currency. This \u201cDoom Loop\u201d is part of Haye\u2019s scenario where the Euro and the U.S. dollar depreciated in favor of Gold and Bitcoin.<\/p>\n

This scenario began playing out when Russia was cut off from the international financial system. In the coming decade, countries and people will prefer to purchase these commodities as opposed to central bank-issued fiat currency. Hayes explained:<\/p>\n

as gold succeeds so will Bitcoin (\u2026). Why should any central bank \u201csave\u201d in any Western fiat currency, when their savings can be expropriated arbitrarily and unilaterally by the operators of the digital fiat monetary networks?<\/p><\/blockquote>\n

\"Bitcoin
EUR trends to the downside and reached parity with the U.S. dollar for the first time since 2003. Source: Tradingview<\/a><\/figcaption><\/figure>\n

Will The World Turn To Bitcoin In The Next Decade?<\/h2>\n

This uptrend in the price of Gold and Bitcoin could eventually take the assets to $10,000 and $1 million, respectively. The \u201cDoom Loop\u201d Hayes described is mostly a \u201cmental shift\u201d in financial entities, a decline in the only thing backing fiat currency: trust.<\/p>\n

Related Reading |\u00a0Why Peter Brandt Thinks Cardano\u2019s Price Is The Definition Of \u201cUgly\u201d<\/a> \u00a0<\/strong><\/p>\n

When there is no trust, institutions and global governments can only trade in a trustless system. Thus, why Hayes predicts such a massive increase in the price of Bitcoin. However, this process will take time and could materialize at some point in the next decade.<\/p>\n

The #DoomLoop has begun. 1 USD = 1 EUR. Prepare yourselves for YCC and $BTC = $1 million. But please be patient, these things take time.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is still stuck in a tight range as it trades around $20,000 to $21,000. The cryptocurrency was rejected at major resistance levels and could re-test its yearly lows close to $17,000. Related Reading |\u00a0TA: Ethereum Revisits Key Support, Can The Bulls Protect More Losses At the time of writing, BTC\u2019s price trades at $20,600 with a 1.4% loss and a 7% profit in the last 24 hours and last week respectively. Bitcoin has been trending to the downside since late 2021 when the cryptocurrency reached an all-time high at $69,000. Since then, BTC\u2019s price has lost over 60% of its value and could continue trending to the downside in the short term. However, former CEO at crypto exchange BitMEX Arthur Hayes claims a \u201cDoom Loop\u201d has begun in the macroeconomic arena. Via Twitter, Hayes shared the Euro (EUR) daily chart compared to the U.S. dollar. The European currency reached parity with its North American counterpart for the first time in 20 years. Similar to Bitcoin, the Euro has been trending to the downside since 2021 and could potentially extend its losses. This dropped was triggered by the Ukraine-Russia conflict, and by the increase in inflation forcing central banks around the world to take action by reducing their balance sheets or increasing their interest rates. The European Central Bank (ECB) has been unable to take an effective measure. Thus, contributing to the decline of its currency. This \u201cDoom Loop\u201d is part of Haye\u2019s scenario where the Euro and the U.S. dollar depreciated in favor of Gold and Bitcoin. This scenario began playing out when Russia was cut off from the international financial system. In the coming decade, countries and people will prefer to purchase these commodities as opposed to central bank-issued fiat currency. Hayes explained: as gold succeeds so will Bitcoin (\u2026). Why should any central bank \u201csave\u201d in any Western fiat currency, when their savings can be expropriated arbitrarily and unilaterally by the operators of the digital fiat monetary networks? Will The World Turn To Bitcoin In The Next Decade? This uptrend in the price of Gold and Bitcoin could eventually take the assets to $10,000 and $1 million, respectively. The \u201cDoom Loop\u201d Hayes described is mostly a \u201cmental shift\u201d in financial entities, a decline in the only thing backing fiat currency: trust. Related Reading |\u00a0Why Peter Brandt Thinks Cardano\u2019s Price Is The Definition Of \u201cUgly\u201d \u00a0 When there is no trust, institutions and global governments can only trade in a trustless system. Thus, why Hayes predicts such a massive increase in the price of Bitcoin. However, this process will take time and could materialize at some point in the next decade. The #DoomLoop has begun. 1 USD = 1 EUR. Prepare yourselves for YCC and $BTC = $1 million. But please be patient, these things take time.<\/p>\n","protected":false},"author":535,"featured_media":494473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-495343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nFormer BitMEX CEO Arthur Hayes: \u201cPrepare\u201d For A Massive Bitcoin Rally<\/title>\n<meta name=\"description\" content=\"former CEO at crypto exchange BitMEX Arthur Hayes claims a \u201cDoom Loop\u201d has begun in the macroeconomic arena which will benefit Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Former BitMEX CEO Arthur Hayes Says \u201cPrepare\u201d For A Massive Bitcoin Rally","url":"http:\/\/wncen.com\/news\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-performance.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-performance.jpeg?fit=1300%2C861"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-07-11T22:00:12Z","datePublished":"2022-07-11T22:00:12Z","dateModified":"2024-06-11T14:21:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Former BitMEX CEO Arthur Hayes Says \\u201cPrepare\\u201d For A Massive Bitcoin Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-performance.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-performance.jpeg?fit=1300%2C861\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-07-11T22:00:12Z\",\"datePublished\":\"2022-07-11T22:00:12Z\",\"dateModified\":\"2024-06-11T14:21:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-performance.jpeg?fit=1300%2C861","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495343"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=495343"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/494473"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=495343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=495343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=495343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}