$1,000,000: Bullish Forecast for Bitcoin Ahead of the US Election ↑

Renowned expert in the field of cryptocurrency, Arthur Hayes, recently shared his assessment his assessment of the current situation and future developments in the cryptocurrency market. Hayes believes that the upcoming US presidential election will lead to an appropriate strengthening of monetary policy, which could further fueling the bull market.

In a recently published blog post titled "Left Curve", Hayes predicts that the crypto market will increase market prices will continue to exist. He highlighted recent developments such as the Bitcoin halving and the rise of the crypto market compared to traditional currencies.

Hayes points out that Bitcoin is considered the strongest currency of all and investors have a golden opportunity to buy  leading cryptocurrencies at favorable prices. He warns against selling shitcoins for fiat, as they will continue to lose value, while Bitcoin and altcoins may remain stable or even increase in value against them.

The impact of the US Presidential election on the cryptocurrency market 

According to Hayes, especially in the 2024 election year in the US, it is common for politicians to increase the money supply to increase popularity Theirs is very important. He cited a chart from  global market research firm BCA Research showing that public economic opinion is an important factor in the  incumbent president's re-election chances.

Source: Arthur Hayes/Medium

Regardless of the election outcome, accommodative monetary policy is expected to accelerate further, which Hayes believes could also boost crypto markets. Therefore, he recommends that cryptocurrency investors increase their positions soon to protect themselves against further depreciation of the US dollar.

Bitcoin as a hedge against inflation

In this context, Bitcoin is seen as a hedge against inflation, especially as the strength of the US dollar puts pressure on emerging market currencies. Cathie Wood of ARK Invest have recommended Bitcoin as a hedge against potentially inadequate fiscal and monetary policies.

While Hayes did not provide an updated price target for Bitcoin, he did suggest that moving from the current $70,000 to $1 million may not be as difficult as it initially appears. He emphasized the macroeconomic conditions that have fueled Bitcoin's rise so far and could continue to pave the way for that rise, especially if the sovereign debt bubble begins to burst.

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