Bitcoin
Arthur Hayes Says Bitcoin Will Soar Amid Yen Collapse
American entrepreneur Arthur Hayes recently emphasized the crucial role of the US dollar-yen exchange rate in the global economy. According to Hayes, this exchange rate is the most important economic variable worldwide, with its fluctuations having significant effects on the global market. He also predicts a rapid devaluation of the yen this autumn, which could have important economic consequences.
The factors underlying this forecast involve complex interactions between the Federal Reserve, the Bank of Japan (BOJ) and the Japanese Ministry of Finance, suggesting imminent economic instability.
Hayes highlights that the actions and policies of these entities will strongly influence the exchange rate and the economy in general.
Bitcoin: the safest asset there is?
Hayes argues that Bitcoin remains resilient amid the depreciation of global fiat currencies, making it the best performing asset in such crises. He suggests that Bitcoin benefits from increased capital flows as the yen and other traditional currencies lose value. Hayes even predicts that the price of Bitcoin could rise to unprecedented levels, potentially reaching $1 million.
This bullish Bitcoin price prediction is based on its historical performance, where it has consistently outperformed other assets during periods of fiat currency instability. As traditional markets become more volatile, investors may turn to Bitcoin as a safest harborfurther increasing its value.
Global Effects of a Weaker Yen
The implications of a weakened yen extend beyond Japan, affecting major global players such as China and the US. Hayes explains that a weaker yen makes Japanese exports cheaper, undermining the competitiveness of China’s exports. This could lead China to devalue its own currency, leading to further economic changes.
These devaluations can disrupt global trade patterns, increasing tensions between economic superpowers. Furthermore, the Bank of Japan must keep interest rates low during depreciation to avoid worsening financial losses, perpetuating the cycle of currency devaluation.
Challenges for policymakers
In this complex economic scenario, policymakers face difficult decisions. Hayes highlights that the simplest and most politically expedient choices often involve increasing the money supply to temporarily stabilize monetary values. However, these decisions can lead to inflation in the long term.
Hayes also suggests the possibility of unconventional measures. For example, China could peg the yuan to gold by quickly selling US Treasury bonds (USTs) for gold, potentially devaluing the yuan by 20-30%.
The need for vigilant monitoring
As the world navigates these unstable economic possibilities, Hayes suggests that closely watching the dollar-yen exchange rate is crucial for predicting market movements, especially in the crypto sector. Understanding these dynamics could provide valuable insights for both investors and policymakers, helping them navigate these turbulent times.
Also check out: Will Bitcoin Hit ATH This Week? Analyst predicts target price of US$72 thousand
Will Bitcoin really become the ultimate safe haven in this storm? Only time will tell, but one thing is certain: the future of finance is getting interesting.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
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came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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