Treasury Buybacks Spark New Bitcoin Bull Run Predictions

Arthur Hayes, former CEO of BitMEX, has predicted that the recent Treasury buybacks mark 'a new Bitcoin bull run'. This statement comes as the US Treasury has announced plans to purchase more than $2.1 trillion in government securities on the market by mid-2023.

Hayes pointed out that this move is a significant shift in monetary policy, which could have far-reaching implications for the global economy and markets. He noted that the increase in government debt may lead to inflation and a decrease in the value of the US dollar, making assets like Bitcoin more attractive to investors.

The former BitMEX CEO emphasized that this is not just about Bitcoin but also other cryptocurrencies and assets that are seen as safe-havens or stores of value. He believes that the market is currently undervalued and that prices will increase in the coming months.