Arthur Hayes: Bitcoin bottomed as ‘everyone who could go bankrupt has gone bankrupt

BitMEX's former CEO believes that Bitcoin has already hit its bottom and is poised for recovery.

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. Stay on top of the latest trends in Bitcoin. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro. Russell DeCorte Director Markets Pro © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2022 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.