Billionaire Arthur Hayes Says Bull Market Will Return When This Happens
Arthur Hayes, a prominent American banker, entrepreneur, and former CEO of crypto derivatives giant BitMEX, has speculated that the next crypto bull run will kick off when China eases its stance toward the crypto market.
The crypto advocate argued that there are signs that it is already happening, one of which is the Hong Kong government’s recent announcement regarding a bill to regulate crypto. This is because Hong Kong acts as “the proxy through which China interacts with the world.”
"Hong Kong’s friendly reorientation towards crypto portends China reasserting itself in the crypto capital markets. When Choyna loves crypto, the bull market will come back. It will be a slow process, but the red shoots are budding," he said in a recent blog post titled “Comeback."
Hayes claimed that China may view Hong Kong as a testing ground for its experiment with crypto markets. Furthermore, Chinese investors may use Hong Kong as a hub for entrance into the global crypto markets.
"If these flows actually materialise in the way I imagine, they will be a strong supporting pillar of the next bull market. Imagine a bull market supported by every major central bank engaging in yield curve control and Chinese retail buying Bitcoin in Hong Kong," he added.
Since 1997, Hong Kong has been a part of China under the "one country, two systems" approach. The country is allowed to forge external relations in certain areas, including trade, communications, tourism, and culture.
According to a study by Forex Suggest earlier this year, Hong Kong was ranked the best-prepared country for widespread crypto adoption, with a crypto-readiness score of 8.6. The study considered various factors like crypto ATM installations, pro-crypto regulations, and startup
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