By Richard Davis
It is another happy moment for Bitcoin traders worldwide. It has been reported that the Bitcoin price shows a positive response even amid the massive profit-taking recorded recently, which was caused by panic from the collapse of major crypto-related banks. This was confirmed by Arthur Hayes, the CEO and Co-founder of BitMEX, one of the world’s biggest P2P trading platforms.
During his interview with journalists, he predicted that there is a likely possibility of explosive global growth in the price of Bitcoin. Mr. Hayes explained that this situation will be mainly influenced by the policies of central banks worldwide. Speaking further on his claims, Hayes said that he expects to see the price of Bitcoin surge up to a million dollars per coin in the future.
He said his claims are influenced by the lowering of the 0.25% Reserve Ratio Requirement (RRR) the Bank of China instituted. The CEO believes that the move by the Chinese government, through its central bank, proves his other claims that governments worldwide, through their central banks, will launch some intervention funds in the future.
Hayes Clarifies Controversial Claim in the Cryptocurrency World
During the interview, Hayes also mentioned that the Bank Term Funding Program (BTFP) created by the Federal Reserve Bank, which is designed to ensure that all banks can meet their customers’ withdrawal demands, may lead to a better surge in BTC prices. He also stated that this anticipated explosive increase in the price of Bitcoin will exceed what was seen during the COVID-19 period.
It is worth noting that during COVID-19, the Federal Reserve was reported to have released $4.189 trillion. Hayes hopes that this time around, with the full implementation of the Bank Term Funding Program, the Federal Reserve will be compelled to print $4.4 trillion to meet public demands.
This development, among others, triggered the price of Bitcoin to surge from $3,000 to $69,000. Therefore, the CEO believes that this time around, the increase witnessed in Bitcoin will be far more than during the COVID-19 period. With increasing mainstream adoption and institutional investment, Bitcoin’s future looks promising, and investors should keep an eye on it.