Arthur Hayes predicts bitcoin’s growth to $ 1 million

Arthur Hayes, a cryptocurrency analyst and founder of BitMEX, said that the policies of the next US President Donald Trump will lead to an increase in the price of bitcoin BTC $91,003.48 Bitcoin -0.45% Market capitalization $1.8 trillion VOL. 24 hours $2.22 billion to $ 1 million.

According to the expert, such a scenario may be facilitated by the policy of the new White House administration, which could lead to the devaluation of the dollar.

Hayes emphasized that Trump could apply the model of «American capitalism with Chinese characteristics.» Thus, the «America First» program will be similar to China’s economic strategy launched in the 1980s.

Such a program provides for the growth of nominal GDP through the provision of tax breaks and subsidies for the relocation of critical industries.

It is reported that eligible companies will receive cheap financing from banks. Such actions will lead to rapid economic growth and an increase in the money supply, a weakening of the dollar, and rising inflation.

The crypto analyst added that holders of deposits and long-term bonds will suffer, while buyers of gold, bitcoin, and shares of companies that receive funding will benefit.

According to the forecast, bitcoin may show even more positive dynamics than in the period from March 2020 to November 2021. In such a scenario, Hayes estimated the price of bitcoin at $ 1 million.

Earlier, Arthur Hayes said that China’s new monetary policy could significantly increase the price of bitcoin (BTC), and the value of the cryptocurrency will soar as long as fiat currency is printed, regardless of who is the recipient.