Arthur Hayes, co-founder of Bitmex, said on X on Nov. 2 that he expected bitcoin to remain weak until the Federal Reserve or commercial banks expanded their balance sheets. The source does not give a year for that statement. His view is a forecast, not a report that expansion or a price recovery has occurred.
Commercial bank lending can create dollar deposits without a Fed asset purchase, though monetary policy, regulation and profitability constrain lending. Hayes has also said he expects bitcoin eventually to reach $1 million.
