Arthur Hayes, the co-founder of crypto derivatives platform BitMEX and Bitcoin pioneer, has spoken out about the current state of the market in an interview with Scott Melker.
Despite the threat of a looming recession in the U.S., Hayes believes Bitcoin is in a bottom phase. According to him, the origin of the boom-and-bust cycle is the rampant monetary policy.
“If we take a step back and look at why BTC went up so high because [… ] the biggest economy in the world printed the most money they’ve ever done. Obviously a lot of money flowed into crypto,” the BitMEX founder said.
The excess needs to be reversed now. Notably, it also contributed to the “behavior of Sam Bankman-Fried, FTX, Kyle, Zhu and all of the centralized money platforms. All bankrupt and insolvent.”
Bitcoin Bottom Is In
Looking forward, this is the key bottom indicator for Hayes as “pretty much everyone who could go bankrupt has gone bankrupt”.
Remarkably, the collapsed entities sold Bitcoin and Ethereum
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