Arthur Hayes Predicts Bitcoin Bull Market Resumption

Arthur Hayes, the former CEO and founder of BitMEX, predicts that Bitcoin will soon start the second part of its bull run. Bitcoin reached its provisional all-time high of 73,800 dollars on March 14 and then entered a downward trend. According to Hayes, it will not stop there, because he therefore foresees a second part of the bull run. Comparison with 1930 Partly because of the high interest rates, Arthur Hayes expects a global recession in the long term, which will require central banks to intervene strongly to keep the global economy going. In this he sees comparisons with the period around the year 1930. At that time the Great Depression broke out, which hit financial markets all over the world hard. During that period, according to Hayes, gold performed fantastically, because it functioned as a safe haven for people. He sees a similar role for Bitcoin in the current macroeconomic landscape. The beauty of Bitcoin is that on paper it is even scarcer than gold. Where the gold supply increases by 1-2% per year, Bitcoin inflation drops to 0% in the long run. After all, Bitcoin has a maximum of 21 million units. Local cycle is bullish for Bitcoin Arthur Hayes divides the world in his essay into two types of cycles. According to the CEO of BitMEX, we can distinguish between local and global cycles. A local cycle occurs when there is a more intense focus on improving national economies. These are periods of time characterized by protectionism and financial repression. These are issues that we are seeing emerging now, for example between the United States and China. From the American government we are seeing more and more plans to introduce import tariffs on Chinese products, to protect their own industry. According to Arthur Hayes, this almost always causes inflation and that is of course what Bitcoin was built for in 2009 by Satoshi Nakamoto.