Just-In: Bitcoin Ready To Hit $1 Million; Arthur Hayes Bullish Over This Reason

Bitcoin News: The last minute efforts taken by the global financial regulators in order to prevent the banking crisis sent out a wave of relief for trading markets. Bitcoin (BTC), the world’s largest crypto saw a surge of 5% which helped it to breach the $28K price level on Monday. However, BitMEX’s former CEO is weighing in for BTC to hit $1 million over several banking crisis related reasons.

Bitcoin = $1 Million?

Arthur Hayes, BitMEX Co founder, cited the U.S. Federal Reserve and other Central banks’ joint liquidity operation to avert the global banking crisis as a bullish reason for Bitcoin prices surge. He stated it’s all over, this is what happens when there is no one who wants to hold USD in banks. People are withdrawing their funds from banks which have forced the regulators to print more cash.

He added that he’s not sure how the Fed can hike rates when it’s handing out dollars to its peers. However, Hayes assured that it is bullish enough for Bitcoin price to hit $1 million ahead.

Bitcoin went on to break the much anticipated $28k price level on Monday. BTC price is up by a whopping 25% over the past 7 days amid erupting banking crisis. The world’s largest digital asset is trading at an average price of $27,947, at the press time. Its 24 hour trading volume is up by 34% to stand at $42 billion.

BitMEX Co founder highlighted that Swap lines are just another way to bail out non-US banks. Hayes stated that it is politically toxic for the Fed to be seen bailing out foreign banks at a time when various small domestic banks need help.

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