Bitcoin (BTC) has been on a bullish price movement for over a week, fueled by Donald Trumpâs presidential election victory. The leading cryptocurrency has unlocked multiple all-time highs (ATHs), tapping $90,000 earlier today.
Arthur Hayes, the co-founder of the BitMEX crypto exchange, believes that the crypto asset could attain a price height of $1 million if Trumpâs administration adopted the Chinese governmentâs economic development model.
In his latest article titled âBlack or White?â Hayes highlighted how Trumpâs latest tenure as the United Statesâ 47th president could embrace Chinaâs economic development model.
Calling it the âAmerican Capitalism with Chinese Characteristics,â the BitMEX co-founder enlisted various adjustments he expects the new administration to make to ensure economic growth in the country.
He hopes the U.S. government will implement tax incentives and subsidies for key industries and provide cheap financing via the banking system. If these expectations play out well, the country could see the return of manufacturing companies that left due to a decline in productivity gain, trade issues, and other factors. Such a return could mean more jobs for Americans and, hence, more money in the economy.
Hayes expects this to result in a rapid bank credit expansion, possibly surpassing the $4 trillion stimulus scale seen during the COVID-19 pandemic.
The BitMEX co-founder believes that BTC will become the sought-after asset as the U.S. dollar devalues. Such a massive adoption could drive bitcoinâs value to as high as $1 million.
While it remains unknown how true this would be, market experts believe that Trumpâs administration will foster economic growth for the country.
Since his electoral victory as the new American president, BTC has unlocked massive price gains, going from around $68,700 to a peak of $89,800 in a week. At the time of writing, BTC exchanged hands with $88,000, representing an 8% increase within the past 24 hours.
The post Arthur Hayes Explains How Bitcoinâs Price Could Soar to $1M appeared first on CryptoPotato.
Arthur Hayes, the co-founder of the BitMEX crypto exchange, believes that the crypto asset could attain a price height of $1 million if Trumpâs administration adopted the Chinese governmentâs economic development model.
Trumpâs Tenure to Boost the Economy
In his latest article titled âBlack or White?â Hayes highlighted how Trumpâs latest tenure as the United Statesâ 47th president could embrace Chinaâs economic development model.
Calling it the âAmerican Capitalism with Chinese Characteristics,â the BitMEX co-founder enlisted various adjustments he expects the new administration to make to ensure economic growth in the country.
He hopes the U.S. government will implement tax incentives and subsidies for key industries and provide cheap financing via the banking system. If these expectations play out well, the country could see the return of manufacturing companies that left due to a decline in productivity gain, trade issues, and other factors. Such a return could mean more jobs for Americans and, hence, more money in the economy.
Hayes expects this to result in a rapid bank credit expansion, possibly surpassing the $4 trillion stimulus scale seen during the COVID-19 pandemic.
Impact on BTC
The BitMEX co-founder believes that BTC will become the sought-after asset as the U.S. dollar devalues. Such a massive adoption could drive bitcoinâs value to as high as $1 million.
While it remains unknown how true this would be, market experts believe that Trumpâs administration will foster economic growth for the country.
Since his electoral victory as the new American president, BTC has unlocked massive price gains, going from around $68,700 to a peak of $89,800 in a week. At the time of writing, BTC exchanged hands with $88,000, representing an 8% increase within the past 24 hours.
The post Arthur Hayes Explains How Bitcoinâs Price Could Soar to $1M appeared first on CryptoPotato.
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