Arthur Hayes Releases New Essay: "Are We There Yet?"
He predicts Bitcoin could hit $70,000 if the Fed lowers interest rates.
But there are hurdles:
“As long as inflation is much higher than the Fed’s 2% target [it is 3.2% now], they must continue to raise rates. Sir Powell can continue raising rates so long as the market is willing to accept a rate of interest lower than the nominal GDP growth. The banks have competition that they’ve never faced before.
”Hayes also expressed his stance on ETFs:
“I will continue to remind you that purchasing an ETF does not get your money outside of the TradFi system. Escape only comes through buying Bitcoin and withdrawing it to your own wallet, where you hold the private keys.”
“As long as inflation is much higher than the Fed’s 2% target [it is 3.2% now], they must continue to raise rates. Sir Powell can continue raising rates so long as the market is willing to accept a rate of interest lower than the nominal GDP growth. The banks have competition that they’ve never faced before.
”Hayes also expressed his stance on ETFs:
“I will continue to remind you that purchasing an ETF does not get your money outside of the TradFi system. Escape only comes through buying Bitcoin and withdrawing it to your own wallet, where you hold the private keys.”
