In the wake of the recent collapse of crypto exchange FTX, investor uncertainty has weighed heavily on traders' minds. One figurehead in the space has offered some mixed solace... for better or worse.
The former CEO of the crypto derivatives exchange BitMEX, Arthur Hayes, has said he thinks the worst is over for Bitcoin. Speaking to crypto advocate and podcaster Scott Melker, the longtime bull explained that "everyone who could go bankrupt has gone bankrupt."
Hayes points out that when centralized lending firms (CELs) have financial troubles, they often call in loans first, then sell BTC as it's both the most pristine asset and the most liquid.
"When you look at the balance sheet of any of these heroes, there's no Bitcoin on it because what do they do, they sold the Bitcoin as they were going bankrupt, they sold the Bitcoin during the wave before they went bankrupt."
Even better news: though the market remains in a slump, Hayes believes that it will begin to recover as early as 2023.
"I believe the US Treasury market will become dysfunctional at some point in 2023 due to the Fed's tightening monetary policies," he said, adding: "At that point, I expect the Fed will turn the printer bank on, and then boom shaka-laka — Bitcoin and all other risk assets will spike higher."
Read the full story here on Cointelegraph.
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Russell DeCorte
Director
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