Arthur Hayes, former CEO of Bitcoin derivatives exchange BitMEX, which previously had an important place in the cryptocurrency space, gave an interview recently. In the interview, he warned against certain cryptocurrency platforms. Here are the details…
Arthur Hayes explains his stance on Bitcoin and altcoin platforms
Arthur Hayes, former CEO of crypto derivatives platform BitMEX, pointed out that the “biggest most irresponsible people” have no BTC left to sell. For this reason, he thinks that the worst may be behind for Bitcoin in this cycle. Hayes included these statements in an interview with Crypto advocate and podcast host Scott Melker on Dec. “Looking ahead, almost everyone who was likely to go bankrupt went bankrupt,” he said. Hayes notes that when central lending firms (CELs) have financial problems, they will often take out a loan first.
He then elaborates on his stance by announcing that they will sell BTC first, as it operates as “crypto’s reserve asset” and “the most intact and liquid asset.” “When you look at the balance sheet of any of these, they don’t have Bitcoin on them. Because what they’re doing, they sold Bitcoin when it went bankrupt, they sold Bitcoin during the wave before it went bankrupt,” he said.
Hayes says sales in credit crunch are made with BTC
Hayes made a similar claim in a December 10 blog post, explaining that while this “credit crunch continues,” massive physical BTC sales are taking place on exchanges of CELs and recalled trading companies trying to avoid bankruptcy. “This is why the price of Bitcoin fell before the CELs went bankrupt. “This is a big move,” he said. He also used the following phrases:
I can’t prove that all Bitcoins held by these failed institutions were sold during multiple crashes, but they seem to have done their best to liquidate the most liquid crypto collateral they could just before they went bust.
Will the market rise in 2023?
Hayes believes the large-scale liquidations are over. But there is no reason to wait if you have an urgent need for fiat, however, the blog post says. cryptocoin.com As we reported, after the collapse of FTX and its impact on the market, the market is still in the grip of a crypto winter. However, Hayes believes the market could see some recovery in 2023. Hayes used the following statements:
I believe the US Treasury market will become dysfunctional at some point in 2023 due to the Fed’s tightening monetary policies. At this point, I expect the Fed to open its printer bank and then Bitcoin and all other risk assets to go higher.
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