BitMEX co-founder Arthur Hayes published another macro-economic breakdown on Tuesday, focusing on why Bitcoin’s price suddenly surged this week.
Hayes noted that bonds are selling off in response to recent statements from the Federal Reserve and President Joe Biden. On one hand, the Fed has signaled that it is near the end of its interest rate hiking cycle, meaning the market has no more incentive to hold long-end bonds. It also drove investors to park their wealth in gold instead as an alternative safe-haven asset. Bitcoin, which also rose, is often compared to gold since both assets share many valuable monetary properties.
While once waiting for a “financial blowup” or “Fed pivot” to return to crypto, Hayes said Biden’s commitment to “another open-ended conflict” is the return trigger he needed.
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