Arthur Hayes Declares Bitcoin’s Halving Cycle Obsolete
- Arthur Hayes argues that the Bitcoin four-year halving cycle has broken down.
- He attributes Bitcoin’s value fluctuations to macro liquidity, not protocol mechanics.
- Hayes highlights policy choices in Washington and Beijing as key factors for easier money regimes.
- The US Treasury’s issuance of short-dated bills unleashed ~$2.5 trillion of liquidity into markets.
- At the time of writing, BTC traded at $122,147, hovering below key resistance at $122,000.
Arthur Hayes claims that the traditional Bitcoin Halving cycle is no longer relevant due to shifts in global monetary policy led by the US and China. Liquidity changes are now seen as the primary drivers of Bitcoin’s price movements.
Hayes emphasizes that monetary policies in major economies will continue to make money cheaper and more plentiful, supporting a rise in Bitcoin’s value despite traditional cycle expectations. (Source)
