Bitcoin
Bitcoin
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The price of bitcoin has hovered between $70,000 and $50,000 per bitcoin in recent weeks as traders brace for another crackdown on cryptocurrencies in the United States.
As former US President Donald Trump proposes a radical plan to pay off America’s $35 trillion debt with bitcoin, a legendary trader has predicted that Treasury Secretary Janet Yellen’s liquidity bomb could be swept aside by China.
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US Treasury Secretary Janet Yellen could inject up to $1 trillion into markets before the end of the year. … (+)
Yellen “will inject at least $301 billion and at most $1.05 trillion by the end of the year,” Hayes, co-founder of bitcoin and crypto derivatives pioneer BitMex who later founded the investment fund Maelstrom, wrote in a blog post this week.
“This will create a glorious bull market for all types of risk assets, including cryptocurrencies, all in time for the election.”
Hayes’ bitcoin price prediction is partly based on the unproven theory that Yellen wants to help Vice President and 2024 Democratic Party nominee Kamala Harris win the 2024 U.S. presidential election.
Next year, Hayes expects China to “finally launch its long-awaited fiscal stimulus package,” predicting that the “China-US cryptocurrency bull market will be glorious.”
China has entered an economic slump this year, fueling expectations that China’s central bank will step in with stimulus measures.
In July, cryptocurrency entrepreneur Justin Sun said that China was about to turn to bitcoin and cryptocurrency, while bitcoin and cryptocurrency investor Brock Pierce earlier predicted that it was only a matter of time before China reopened its digital doors to cryptocurrency.
“The next stop for bitcoin is $100,000,” Hayes wrote, predicting that the price of bitcoin would climb to $1 million per bitcoin as a “base case.” The rise in bitcoin’s price, Hayes said, will trigger a rise in smaller cryptocurrencies.
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The price of bitcoin has skyrocketed this year, and some predict it could rise even higher.
However, the price of bitcoin and the broader cryptocurrency market are struggling to regain their momentum from earlier this year, despite long-awaited adoption from Wall Street and former President Donald Trump’s embrace of cryptocurrencies.
“The technical picture for bitcoin remains bearish, with higher chances of further price decline,” Alex Kuptsikevich, senior market analyst at FxPro, wrote in emailed comments, highlighting the selling pressure that could emerge from the U.S. unloading billions of dollars worth of seized bitcoin from the market.
“A major fundamental factor remains the sales of US government portfolios. In addition to the natural effect of increasing supply in large blocks, the psychological effect must be taken into account, pushing buyers to wait for the end of the sale or to speculate on the risks of regulatory tightening.”
