Bitcoin has been on a bull run for the past six months, and according to BitMEX co-founder and former CEO Arthur Hayes, the market is yet to respond but will in the next six to 12 months. Hayes argued that the bull run began on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation. Two days before SVB’s takeover, Silvergate Bank had gone into liquidation and two days later, Signature Bank was forced to close by New York regulators. In response, the Federal Reserve created the Bank Term Funding Program (BTFP) to offer banking loans of up to a year in return for them posting “qualifying assets” as collateral. Hayes believes that this pushed traders to consider fixed-supply assets such as Bitcoin, and the price has been up since then. Hayes said that even if the Fed and other central banks continued interest rate hikes to enable economic tightening or if they “print more money” then Bitcoin would still perform well. He believes that the rest of the market will respond in the next six to 12 months.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 9 |
| People | Jerome Powell, Arthur Hayes |
| Companies | Bank Term Funding Program., Signature Bank, Silicon Valley Bank, Federal Deposit Insurance Corporation, Silvergate Bank, Federal Reserve |
| Currencies | US Dollar, Fidance, Reserve, Ethereum, Bitcoin |
| Securities | None |
