Despite many cryptocurrency experts firmly believing that the upcoming Bitcoin (BTC) halving will usher in an explosive rally for the flagship decentralized finance (DeFi) asset, the co-founder of crypto exchange BitMEX and prominent investor, Arthur Hayes, doesn’t share their optimism.
Specifically, Hayes has admitted that the halving would “pump prices in the medium term” but has also argued that the Bitcoin “price action directly before and after [the halving] could be negative,” because of the role of the narrative surrounding it, according to his blog post on April 8.
As he pointed out:
“The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving.”
Furthermore, Hayes explained that the United States dollar liquidity being tighter than usual right around the es
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