‘Crucial’ Biden And Fed Flip Predicted To Trigger A $20 Trillion Bitcoin Price Earthquake That Boosts Ethereum, XRP And Crypto

Bitcoin
Bitcoin
and crypto have rocketed higher over the last year, powered by Wall Street’s arrival, a “seismic shift” in Washington and expectations of a China bombshell.

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The bitcoin price has returned to near its all-time high of around $70,000 per bitcoin, with the U.S. Securities and Exchange Commission (SEC) creating an “opportune moment” for bitcoin, ethereum, XRP and crypto.

Now, legendary bitcoin and crypto trader Arthur Hayes has predicted the Federal Reserve will restart its money printer ahead of the Joe Biden, Donald Trump presidential showdown later this year, potentially pushing the bitcoin price to $1 million—giving it a market capitalization of around $20 trillion.

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ForbesBiden’s ‘Seismic Shift’ Could Be About To Trigger A Huge Bitcoin Price Earthquake After Ethereum ‘Firestorm’By Billy Bambrough

“Bitcoin is the best-performing asset in the face of global fiat debasement, and they know it,” Hayes wrote in a blog post, pointing to Japan’s yen recently plummeting to a 34-year low against the U.S. dollar and calling the exchange rate between the U.S. dollar and the Japanese yen the “most important global economic variable.”

“I believe the pace of yen depreciation will accelerate into the fall,” Hayes, who cofounded crypto derivatives pioneer BitMex, wrote. “This will put pressure on the U.S., Japan, and China to do something. The U.S. election is a crucial motivating factor for the Biden administration to come up with some solution.”

Biden and former president Donald Trump, the Republican 2024 nominee, are set for a repeat of their 2020 White House race this year, with Federal Reserve so far keeping its monetary policy tighter than many had predicted in the face of sticky inflation.

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“When something is done about the weak yen, I will mathematically guestimate how flows into the bitcoin complex will ratchet the price to $1 million and possibly beyond,” Hayes wrote.

Hayes predicts the Fed will take the “easy” option and swap freshly printed dollars for yen.

“This is great for Japan Inc. because they collectively own over three trillion dollars’ worth of dollar assets,” Hayes wrote. “Crypto booms, as there is more dollar and yuan liquidity floating in the system.”