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BitMEX CEO Says Bitcoin Might Reach $1 Million

March 17, 2023
minute read

Arthur Hayes, a former CEO of BitMEX, has reaffirmed his forecast that Bitcoin will cost $1 million, citing China's recent reduction in the reserve requirement (RRR) as a factor that will increase the cryptocurrency's value.

Hayes included a screenshot of a Trade Algo item outlining China's plan to cut the RRR for practically all banks by 0.25 percentage points in a tweet. This action was taken to maintain rapid loan growth and ensure banking system liquidity.

According to U.Today, Hayes earlier predicted that Bitcoin will reach $1 million by 2030 and credited this milestone to the "HODL culture," which refers to individuals who steadfastly refuse to sell their holdings in expectation of a large price increase.

The bullish forecast was made back then when the euro and the dollar got close to parity for the first time in 20 years.

The reduction in the RRR by China is viewed as a measure to encourage lending and improve the country's economic recovery from influenza restrictions and a downturn in the real estate market. According to economists, the reduction will support the quick pace of lending observed in January and February and retain liquidity in the banking sector.

The current banking crisis is causing uncertainty and swings in the world's financial markets, while also unexpectedly reviving the cryptocurrency market.

Following Silicon Valley Bank's bankruptcy filing earlier today, the price of Bitcoin soared past $26,000. Other cryptocurrencies, including Ether and Dogecoin, also experienced significant price increases as investors fretted about the lack of banking access for cryptocurrency companies in the United States.

Hayes reiterated his former assertion that a new crypto bull market is already underway with his most recent forecast.

Bryan Curtis
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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