BitMEX co-founder Arthur Hayes has said that he would not buy Bitcoin (BTC) today if he only had $1 to invest.
However, he still expects the cryptocurrency to eventually climb back above $100,000 once central banks return to printing money.
Waiting for the Fed to Print
In a March 10 interview with Natalie Brunell on CoinStories, Hayes argued that the ongoing conflict pitting the U.S. and Israel against Iran has created a real risk of a broad market sell-off that could pull BTC below $60,000.
“There’s a situation where the longer that this carries on, there could be a massive sell-off in equities, and Bitcoin might fall a bit lower, might break $60,000, and that could be sort of a big cascading of liquidations down,” Hayes said during the interview.
According to him, every major Middle East conflict in his lifetime eventually prompted the Fed to print, leading him to conclude that the signal to watch is not the war itself but what central banks actually do in response.
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