Arthur Hayes, CEO of BitMEX has forecasted that any fresh quantitative easing would lead to a decrease of faith in fiat currency. He further said Bitcoin’s price could soon reach $20,000.
Win-Win Situation for Crypto Asset Holders
Arthur Hayes in a tweet today said that since QE4eva is here, it is time for Bitcoin to hit $20,000.
Interestingly, his analogy comes right a day after the Fed decreased its interest rates on loans which reached more than 10% or four times their target. As a matter of fact, more than $53 Billion has been pumped into the economy.
Political Uncertainty & Bitcoin Price
While cryptocurrency is yet to witness a global crisis of the same scale, it is pretty evident that Bitcoin prices have continued to benefit from political and economic uncertainty.
UK’s pound and equity markets saw turbulence across August and early days of September. The Sterling and FTSE 100 plummeted as the October 31 deadline came closer.
In an interesting turn, they suddenly displayed upward trends as the Parliament was suspended for a month to prevent MPs from creating any hindrance in the Brexit process. Interestingly, through this period Bitcoin price has shown upward trends.
With that being said, when we delve in the case of Venezuela, data from CoinDance, trading activity tracker on P2P exchanges Localbitcoins revealed that July 13 to July 20 saw the highest Bitcoin trading volume.
During that period, users on LocalBitcoins alone generated volumes of over 57 billion bolivars, beating the previous all-time high of 49 billion. This revelation came after Venezuela’s currency continued to suffer from runaway inflation, reportedly, it had reached 10,000,000%,