Arthur Hayes: A big market movement in October? Bank stocks decline, Bitcoin could reach $750,000 to $1 million
BitMEX co-founder Arthur Hayes recently appeared on impact theory for an interview, spending nearly three hours discussing the "Great Depression worse than 2008," reiterating his concerns about the current economic outlook and once again calling for Bitcoin to reach $750,000 to $1 million by 2026!
Arthur Hayes has previously warned the Federal Reserve of restarting money printing, predicting severe inflation in the U.S., expressing bearish views on bank stocks, and believing that the economic growth driven by the expanding U.S. fiscal deficit will only benefit AI technology stocks and cryptocurrencies.
Recap of Arthur Hayes' theories:
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Stock sugar daddy: Fiscal deficit drives economic growth, Arthur Hayes believes only AI technology stocks and cryptocurrencies will benefit
Regardless of the Federal Reserve raising or lowering interest rates, Bitcoin will rise
Arthur Hayes on the current state of U.S. banks: How to avoid devaluing the dollar denominator? Just buy Bitcoin!
Patience is a virtue, Arthur Hayes predicts the Bitcoin market will kick off in the fall, with a chance to reach $70,000 next year
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ETF is also a simple choice for ordinary investors
Although Hayes still insists on owning his own private keys and directly holding Bitcoin, this time he also mentioned the recent introduction of related ETFs by traditional financial institutions, which allows ordinary people to easily gain exposure to Bitcoin returns. Hayes expects that large asset management companies in the United States, Europe, and possibly in Hong Kong, China, will launch some ETFs.
While continuing to be bearish on the economic outlook, he once again predicts that the price of Bitcoin will reach $750,000 to $1 million by 2026!
Will there be a big market movement in October? Bank stocks fall while Bitcoin rises
Arthur Hayes also tweeted that although everyone says the banking crisis is under control, based on the indicators he observes – the KBW Bank Index and the U.S. 2-year and 30-year Treasury yield spread, bank stocks will face another round of decline, as the last time this phenomenon occurred was during the Silicon Valley bank collapse in March!
In his post, Hayes used the internet slang REKT + October = REKTober to indicate the upcoming decline in bank stocks in October, and his followers humorously responded with UPtober for BTC!
Note: "rekt" is pronounced the same as "wrecked," meaning to be destroyed or ruined!
They say "the banking crisis is contained."
Nah bitches, it's 'bout to be REKTober. Thx JAYPOW and Grandma Yellen for the bear steepener that will bankrupt the banks.
Look at how 2s30s rising = falling bank stocks!
Small Bank Index only 8% higher than April lows. Yachtzee! pic.twitter.com/rebj3oqf38
— Arthur Hayes (@CryptoHayes) October 5, 2023