BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) is primed for a new all-time high amid the emergence of various catalysts for a bull market.
Hayes tells his 704,300 followers on the social media platform X that US legislation and monetary policy, as well as tensions in the Middle East, are among the reasons he believes will trigger Bitcoin to push higher.
On the US monetary policy, Hayes says the Statutory Liquidity Ratio (SLR) exemption for banks is now “progressing.” SLR exemption is a monetary policy tool that allows banks to hold more U.S. Treasury securities without raising their supplementary leverage ratio, a move that boosts their liquidity.
The BitMEX co-founder further says the GENIUS Act, which provides a framework for regulating stablecoins, will hand the US stablecoin market to the banks. According to Hayes, the legislation, which became law earlier this month, will be positive for lenders.
Hayes further says the Middle East region still presents a geopolitical risk, a factor that favors safe-haven assets, despite a recent ceasefire between Iran and Israel that was brokered by President Donald Trump.
“BTC all-time highs are coming!”
The BitMEX co-founder also says an unwind of the US dollar carry trade globally is about to cause “serious pain.” A carry trade is a bet on the interest rate differences between two countries. In the case of the US dollar, the expectation of rate cuts by the Federal Reserve is causing a weakening of the world’s reserve currency, as this will reduce the returns expected on the dollar-denominated assets. According to Hayes, Bitcoin is the antidote for the ongoing weakening of the US dollar.
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