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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

BitMEX Founder Predicts The Dawn Of ‘Crypto Valhalla’: When Will It Start?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Arthur Hayes Bitcoin news

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In his latest essay titled “The Easy Button,” Arthur Hayes, founder of the crypto exchange BitMEX, delves into the dynamics of global monetary policies and their consequential ties to what he describes as the impending ‘Crypto Valhalla.’ Hayes analyzes the policy maneuvers of the world’s major economies, notably Japan, the United States, and China, and their effects on the crypto landscape.

The Dawn Of Crypto Valhalla

Hayes outlines the Federal Reserve’s potential strategy in coordination with the US Treasury to engage in unlimited dollar-for-yen swaps with the Bank of Japan (BOJ). This measure aims to manipulate exchange rates to stabilize the yen without causing disruptive economic shifts.

Hayes states, “The Fed, acting on orders from the Treasury, can legally swap dollars for yen in unlimited amounts for as long as they wish with the BOJ.” This tactic, according to Hayes, is designed to avert immediate financial crises by deferring hard economic decisions.

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The implications for Japan’s economy are stark, with Hayes predicting severe consequences should the BOJ decide to raise interest rates: “If the BOJ raises interest rates, it commits seppuku,” Hayes notes, using the Japanese term for ritual suicide to underscore the potential self-destructive economic impact, given that the BOJ is the largest holder of Japanese Government Bonds (JGBs) and would incur massive losses.

The devaluation of the yen has also significant ramifications for China’s global economic competitiveness, especially in exports. Hayes discusses how a weaker yen harms China’s export economy by making Japanese goods cheaper internationally, directly competing with Chinese products.

He suggests that the People’s Bank of China might respond by devaluing the yuan to maintain competitive balance. “If the yen keeps weakening, China will respond by devaluing the yuan,” Hayes predicts, outlining a potential economic tit-for-tat that could destabilize global markets.

Hayes further theorizes about a dramatic monetary policy shift in China involving its substantial gold reserves. He posits that China could use these reserves to peg the yuan to gold, thereby creating a new economic landscape.

“China is estimated to have stockpiled over 31,000 tonnes of gold […] I believe that for domestic and foreign political reasons, China wishes to keep the dollar-yuan rate stable.” By pegging the yuan to gold, China could potentially insulate itself from currency fluctuations and exert greater control over its economic destiny.

The essay also touches on the intersection of US politics and economic policy, particularly in light of the approaching presidential election. Hayes speculates that domestic economic pressures, such as job losses and the reshoring of manufacturing, could significantly influence the Biden administration’s policy decisions.

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He argues that the administration may avoid aggressive moves against China to prevent a backlash in pivotal states: “Biden must win these battleground states to keep the Orange Man at bay. Biden cannot afford a yuan devaluation before the election.”

Hayes suggests that these global currency maneuvers could lead to a bullish scenario for cryptocurrencies. He advises crypto traders and institutional investors to monitor the USDJPY exchange rate closely, asserting that significant movements could indicate shifts favorable to crypto valuations.

“Watch the USDJPY rate closer than Solana devs monitor uptime,” he advises, highlighting the potential for substantial financial opportunities in the cryptocurrency space.On the timing of a potential “Crypto Valhalla,” Hayes speculates that the pace of yen depreciation will accelerate into the fall. “This will put pressure on the US, Japan, and China to do something. The US election is a crucial motivating factor for the Biden administration to come up with some solution.”

According to Hayes, a USDJPY surge towards 200 is “enough to put on the Chemical Brothers and ‘Push the Button.’ This analogy to the Chemical Brothers’ song underscores the urgency and drastic nature of the action required to counter such a currency imbalance.

“If my theory becomes reality, it is trivial for any institutional investor to buy one of the US-listed Bitcoin ETFs. Bitcoin is the best-performing asset in the face of global fiat debasement, and they know it. When something is done about the weak yen, I will mathematically guestimate how flows into the Bitcoin complex will ratchet the price to $1 million and possibly beyond. Stay imaginative, stay boolish, now is not the time to be a cuck,” Hayes concludes.

At press time, Bitcoin traded at $70,835.

Bitcoin price
BTC price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from YouTube / Tom Bilyeu, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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