Former BitMEX CEO Arthur Hayes, on Scott Melker’s podcast, said that the first cryptocurrency hit the low of the current cycle, as almost all “irresponsible organizations” ran out of BTC to sell.
Hayes explained that in times of financial difficulty, centralized lending firms often first turn to loans and then sell bitcoin, which acts as a reserve liquid asset.
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“When you look at the balance of any of these heroes, you won’t see Bitcoin there. […] They sold it during the wave before going bankrupt,” he added.
Hayes made a similar argument in his blog, explaining the reasons for the fall of the first cryptocurrency even before the bankruptcy of centralized credit companies.
He believes that the period of large-scale liquidations is over.
“If you had to sell, you would have done it already. There is no reason to hold back if you need fiat to stay afloat,” wrote Hayes.
Let’s try this again.
In “PEMDAS” I argue that $BTC has bottomed, and then talk about which type of #crypto‘s I will hold while waiting for the money printer to go brrr once more.https://t.co/JNAQ7VK0Ec pic.twitter.com/IV4Td1UTda
— Arthur Hayes (@CryptoHayes) December 9, 2022
According to the expert, the digital asset market expects a partial recovery in 2023 against the backdrop of another launch of the “printing press” of the US Federal Reserve System.
Recall that in November, Hayes called CBDC “pure evil”, an ideal tool for governments and an encroachment on sovereignty over honest transactions between people.
Previously, he allowed China to return to the digital asset industry with the help of Hong Kong.
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