BitMEX founder Arthur Hayes spoke about cryptocurrencies at the Korean Blockchain Week event. Hayes stated that unlike the majority, the bull market for Bitcoin and altcoins has already begun.
The bailout of Silicon Valley Bank, which went bankrupt on March 10, according to the famous phenomenon, was a flare for the bull cycle. During the said period, Silvergate and Signature Bank were also in a difficult situation, and American government institutions prevented banks from going bankrupt.
Arthur Hayes believes that the US attitude towards banks means “quantitative easing”. The cryptocurrency phenomenon therefore has the belief that the bull market started on March 10, 2023.
Bitcoin has gained about 25% since SVB’s bankruptcy. Altcoin units, on the other hand, rose less overall. This led to criticism that Hayes’ idea was not very valid. However, the BitMEX founder hinted that he expects more upside movements in the market in the May – September 2024 range.
“I expect the rest of the market to respond to these decisions in the next 6-12 months.”
Hayes stated that regardless of the Fed’s monetary policy, Bitcoin will continue to perform well.
