US Debt Pushes Bitcoin Price Towards New Highs

Bitcoin's price may have already hit bottom, according to BitMEX co-founder Arthur Hayes. He believes that rising US debt could lead policymakers towards a de facto Yield Curve Control (YCC) policy, which would suppress Treasury yields and increase the money supply.

Hayes points out that the sharp rise in US debt could push authorities towards YCC, where government bond yields are kept from rising above a certain level. This, he argues, would ultimately lead to a larger money supply, creating a favorable backdrop for Bitcoin and altcoins.

Bitcoin tends to react strongly in liquidity expansion environments, Hayes notes. With the potential for increased money supply on the horizon, it's possible that Bitcoin has already found its bottom price.