BitMEX’s ex-CEO, Arthur Hayes, has expressed his belief that the upcoming US presidential election will have a positive impact on Bitcoin. He predicts that regardless of the election outcome, the US will implement softer economic policies, resulting in more money being printed and injected into the economy. In a recent YouTube interview, Hayes explained that President Biden, in his bid for re-election, is likely to adopt measures to stimulate the economy. This move is expected to align with historical patterns, where previous halvings have led to new all-time highs for Bitcoin within 4 to 18 months. Hayes also speculated on the monetary strategies that key figures like Janet Yellen and Jerome Powell might employ to reduce government borrowing costs and distribute financial incentives to voters. He believes that these actions will support President Biden’s re-election campaign. Hayes is bullish on Bitcoin and the broader crypto market, advising individuals with fiat currencies to enter the market. He discussed the impact of M2, a macro indicator, on Bitcoin’s price but noted that it does not capture all credit money in the economy. Despite this, he believes that institutional investors, particularly spot Bitcoin ETF issuers, will continue to contribute to Bitcoin’s bullish future price movement. The increasing adoption of cryptocurrencies by institutional players, such as Susquehanna International Group’s $1 billion investment in Bitcoin ETF shares, further supports this outlook. Currently, Bitcoin is trading at $61,824 with a 1.5% decrease in the past 24 hours and a trading volume of $26 billion.
