Crypto Bull Market Coming If Yellen’s TGA Choice Injects Liquidity, Says Arthur Hayes

Crypto Bull Market Coming If Yellen’s TGA Choice Injects Liquidity, Says Arthur Hayes

**Arthur Hayes Says Crypto Bull Market Coming If Yellen’s TGA Choice Injects Liquidity** Global crypto exchange BitMEX co-founder Arthur Hayes believes a crypto bull market is on the horizon if the new US Treasury Secretary Janet Yellen makes the right choice regarding the Treasury General Account (TGA) balance. “The TGA balance of the US Treasury has increased by about $200 billion,” Hayes said. “There are 3 choices that Secretary Yellen can make going forward, any of which would be bullish for crypto.” The TGA is an account that the US Treasury maintains with the Federal Reserve Bank of New York to facilitate its cash management functions. Typically, an increase in the TGA balance is seen as the government draining liquidity. Hayes’ three scenarios are as follows: 1). Drain the TGA to zero by not issuing any more Treasuries, thereby injecting $1 trillion of liquidity. 2). Roll over maturing T-bills from RRP to Treasuries, thereby injecting $400 billion of liquidity. 3). Print money outright with no long-term Treasury issuance thereby swamping the TGA and RRP to the tune of $1.4 trillion of liquidity. Previously on 23 April 2024, Hayes had stated that any of these three choices by Yellen would be bullish for crypto.