BTC bull market began in March, more will realize in a year: Arthur Hayes

Bitcoin (BTC) has been on a bull run for the previous six months approximately and the marketplace is yet to react– however it will in around six to 12 months, according to BitMEX co-founder and former CEO Arthur Hayes.In a Sept. 5 keynote speech at Korea Blockchain Week, Hayes argued Bitcoins bull run started on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation.Two days prior to SVBs takeover on March 8, Silvergate Bank had entered into liquidation. Two days in the future March 12, Signature Bank was required to nearby New York regulators. In action, and in a quote to stop more possible collapses, the Federal Reserve created the Bank Term Funding Program (BTFP)– providing banking loans of approximately a year in return for them publishing “certifying possessions” as collateral.Hayes speaking at Korea Blockchain Week in Seoul. Source: Andrew Fenton/Cointelegraph” Essentially, what [the Fed] did was backstop the entire banking system by saying: Please offer me your undersea dogshit bonds and Ill give you fresh dollars,” Hayes said.” Me and the rest of the marketplace appropriately saw through this as basically them admitting that they triggered this issue– the structure of the banking system– and this is one of the ways you can fix it which is: Print more cash.” He stated because then, Bitcoins price has been up– presently around 26%– which is why he declares the booming market started that day.” We generally dumped this entire facade that we care about the value of the dollar and the value of any fiat currency.” This pressed traders to think about fixed-supply properties such as Bitcoin, Hayes declared. Related: Why is Jerome Powell gaslighting us about the odds of recession?However, the remainder of the market hasnt yet responded, however he gave a timeline of in between six to 12 months for that to occur.Hayes said even if the Fed and other central banks continued rate of interest walkings to make it possible for economic tightening or if they “print more money” then Bitcoin would still perform well.” On both scenarios, whether the Fed raises or cuts, we remain in a great position as the cryptocurrency market,” he said.Magazine: How to safeguard your crypto in an unstable market– Bitcoin OGs and professionals weigh in

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