Bitcoin bull market when will it come? BitMEX Co-founder: It started as early as March this year! It has risen by 26% so far.

If you were to ask investors in the current cryptocurrency market whether we are in a bull or bear market, most would probably choose the latter without hesitation. However, BitMEX co-founder Arthur Hayes offered a different perspective in a public speech today, suggesting that the Bitcoin bull market actually began as early as March of this year.

Bitcoin Bull Market Arrived Earlier Than Six Months Ago?

According to a report by Cointelegraph, during a keynote speech at the Korea Blockchain Week today, Arthur Hayes stated that the Bitcoin bull market began on 3/11, the day when Silicon Valley Bank (SVB) faced significant losses and was urgently taken over by the FDIC.

Event Recap: California regulators urgently closed Silicon Valley Bank, taken over by FDIC to protect depositors, the first incident in 2020

Due to rising interest rates, overly tense asset allocation, and customer fund outflows leading to SVB's closure on 3/11. Two days later, in order to prevent similar incidents in other banks and further market turmoil, the Federal Reserve announced the Bank Term Funding Program (BTFP) to provide liquidity to U.S. depository institutions.

The BTFP allows banks to use eligible securities as collateral to borrow from Federal Reserve Banks, relieving banks from worrying about unrealized losses in the HTM bond positions.

In response to this, Arthur Hayes stated:

"Essentially, the Fed is saying, 'Give me your s***ty bonds, and I'll give you some hot, fresh dollars' to support the entire banking system."

Seeing this, Arthur Hayes believes the Fed essentially acknowledges that the structural problems in the banking system were self-inflicted and one of the ways to address this issue is to "print more money."

He also mentioned that he no longer believes the Fed cares about the value of the U.S. dollar or any fiat currency, which has led traders to place more value on assets with fixed supplies like Bitcoin.

Since 3/11, the price of Bitcoin has grown by 26%, which is why Arthur Hayes believes the bull market started from that point.

Give the Market Another Six to Twelve Months

However, this is only the bull market for Bitcoin. When will the overall market join the celebration?

Arthur Hayes gives a timeframe of 6-12 months, stating that regardless of the Fed and other central banks choosing to raise or lower interest rates, the crypto industry is in a favorable position.