Arthur Hayes noted that global crises and monetary incentives contribute to the growth of the first cryptocurrency against the background of the increasing weakening of fiat currencies, and primarily the US dollar.
According to the businessman, the Chinese government, in an attempt to save the stagnating real estate sector, is forced to pour hundreds of billions of dollars into the economy, which indirectly affects the first cryptocurrency.
“Bitcoin is not a foreign concept to the people of China, and they will not let it lie idle. P2P trading is back in China, the yuan is weakening, and underground crypto is thriving despite a ban from authorities trying to cover up their failed monetary policies of the past,” Hayes writes.
Growing inflation risks in the Chinese economy, which suffered from the bursting of the real estate bubble, and the disbelief of the younger generation in rapid prosperity due to government incentive programs in China, Japan and the United States are further increasing the popularity of cryptocurrencies, the crypto enthusiast believes.
Earlier, Arthur Hayes said that the situation in the Middle East will determine the direction of the price of Bitcoin – if the conflict between Israel and Iran goes into a hot phase, the cost of the first cryptocurrency will rise sharply.
Source: Bits
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