{"id":581452,"date":"2023-03-22T21:21:28","date_gmt":"2023-03-22T21:21:28","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=581452"},"modified":"2023-03-22T21:21:36","modified_gmt":"2023-03-22T21:21:36","slug":"arthur-hayes-bitcoin-cross-1-million-mark","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/arthur-hayes-bitcoin-cross-1-million-mark\/","title":{"rendered":"BitMEX Founder Arthur Hayes Believes Bitcoin Can Cross $1 Million Mark"},"content":{"rendered":"\n<ul><li>Popular crypto veteran Arthur Hayes says it&#8217;s possible for Bitcoin to cross the $1 million threshold.&nbsp;<\/li><li>Hayes believes that the Federal Reserve\u2019s new Bank Term Funding Program will pump BTC massively.&nbsp;<\/li><li>The $1 million projection became popular after former Coinbase executive Balaji Srinivasan made a public bet on the same.&nbsp;<\/li><\/ul>\n\n\n\n<p>Arthur Hayes, the popular crypto veteran who founded crypto exchange BitMEX, believes that Bitcoin has the potential to cross the million-dollar threshold. In a recent podcast with <a href=\"https:\/\/www.youtube.com\/watch?v=E8lxrsF29u0\" rel=\"nofollow noopener\">Bankless<\/a>, Hayes shared his thoughts on the United States Federal Reserve\u2019s new banking policy and its potential impact on the prices of crypto assets.\u00a0<\/p>\n\n\n\n<h2><strong>Hayes: Bitcoin will benefit from the Bank Term Funding Program<\/strong><\/h2>\n\n\n\n<p>According to <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-hayes-bitmex-bullish\/\">Arthur Hayes<\/a>, BTC will achieve this remarkable valuation thanks to the Federal Reserve\u2019s new Bank Term Funding Program (<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/monetary20230312a1.pdf\" rel=\"nofollow noopener\">BTFP<\/a>), which allows banks, credit unions, and other eligible depository institutions to borrow funds for up to one year, using agency debt, U.S. Treasuries, mortgage-backed securities, etc, as collateral. The BFTP recently facilitated a $210 billion bailout of the big four U.S. banks i.e. JPMorgan Chase, Bank of America, Wells Fargo, and Citibank, by letting them borrow against their negative collateral value.\u00a0<\/p>\n\n\n\n<p>Hayes believes that this funding program will induce a \u201cmerry-go-round\u201d effect wherein American banks will have an unlimited supply of cash from the Federal Reserve in exchange for holding government bonds. The BitMEX founder believes that this \u201csinister\u201d program will pump Bitcoin to $1 million.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>It will be profitable for the banks to have a deposit base, buy every single insurance they can of US government debt, and if they ever need to give their depositors back money, they give their debt to the Fed, the Fed gives them dollars. So we go on this little merry-go-round and the US government gets to stuff bonds down the throats of the banks and everybody&#8217;s happy.&#8221;<\/p><cite>Arthur Hayes<\/cite><\/blockquote>\n\n\n\n<p>The $1 million projection for Bitcoin became popular earlier this week after Balaji Srinivasan, an entrepreneur who formerly served as Coinbase\u2019s Chief Technology Officer, made a <a href=\"https:\/\/twitter.com\/balajis\/status\/1636797265317867520\" rel=\"nofollow noopener\">public bet<\/a> predicting that BTC would be worth a million dollars within the next 90 days.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular crypto veteran Arthur Hayes believes that Bitcoin can cross the $1 million mark, thanks to the U.S. Federal Reserve&#8217;s new Bank Term Funding Program. <\/p>\n","protected":false},"author":62,"featured_media":581454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,17,2],"tags":[2634,108421,6961,108577],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581452"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=581452"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581452\/revisions"}],"predecessor-version":[{"id":581455,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581452\/revisions\/581455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/581454"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=581452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=581452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=581452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}