According to former BitMEX CEO Arthur Hayes, Bitcoin may have only managed to survive the current market cycle. He claims that all the “irresponsible entities” that needed to be eliminated have already been eliminated. Therefore, he thinks things for BTC can only improve from this point forward.
According to Hayes, the so-called irresponsible entities have gone out of Bitcoin to sell, who recently discussed this in an interview with well-known podcaster Scott Melker. He said, “Looking forward, almost everyone who could go bankrupt has gone bankrupt.”
The crypto market has undergone a tremendous shakeout, and Hayes’ comment shows that it is now prepared for a new period of growth. This new era will usher in new competitors and investment opportunities.
According to Hayes, the market is currently in a far better situation than it was 12 months ago. According to him, the market has undergone a “cleaning” period and is now prepared for a fresh influx of investors. Additionally, he thinks there has been a sizable amount of market rationalization, increasing the industry’s operational efficiency.
Future of Bitcoin, according to Arthur.
Seeing the recent market developments, Hayes believes that 2023 could lead to some recovery for the market. According to him, the US Treasury market will eventually become dysfunctional as long as the Fed continues tightening monetary policy. And should that occur, according to Hayes, the Fed would be forced to activate the printer bank, which would cause a boom in the price of Bitcoin and other risky assets.