Arthur Hayes: Government Spending and Devalued Currency May Be a Buy Signal for Crypto

IconCrypto News Terminal23 Apr, 2024

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Arthur Hayes: Government Spending and Devalued Currency May Be a Buy Signal for Crypto

Arthur Hayes, the former CEO of BitMEX, believes the recent government spending increases and currency devaluation could be a positive sign for cryptocurrencies. In a recent interview, Hayes said that these factors could lead to a further decline in the value of the U.S. dollar and other fiat currencies, which would make cryptocurrencies more attractive as a store of value. Hayes also pointed to the recent surge in institutional interest in crypto as another factor that could support further price increases. He said that institutions are looking for ways to diversify their portfolios and hedge against inflation, and cryptocurrencies are becoming increasingly attractive in this regard. Previously on 23 April 2024, Coinbase announced that it had launched a new product that allows institutional investors to trade cryptocurrencies directly with one another. This is seen as a major step forward for the institutional adoption of cryptocurrencies.

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