Bitcoin Sees New Bull Cycle as US Debt Buying Skyrockets

Arthur Hayes, co-founder of BitMEX, believes that Bitcoin is in the early stages of a new bull cycle. He attributes this growth to the US Treasury's increased buying back of government debt, which adds dollar liquidity to the markets.

Hayes connects Bitcoin's further dynamics with the expansion of the US long-term Treasury bond buyback program. With more free dollars in the financial system, he thinks capital could flow into the crypto market.

The entrepreneur expects a 'Parabolic Rally' for Bitcoin, where its price could quickly rise to several hundred thousand dollars due to a steady inflow of money.