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Co-founder and former CEO of the cryptocurrency exchange BitMEX, Arthur Hayes, stated in the Coin Stories podcast that he is prepared to start purchasing Bitcoin if the U.S. Federal Reserve begins to expand the money supply amid escalating tensions in the Middle East.
According to Hayes, he currently prefers to adopt a wait-and-see approach and is refraining from investing in the leading cryptocurrency, despite the decline in prices.
“If I had an extra dollar to invest right now, would I put it into Bitcoin? No. I would wait. The longer this conflict persists, the greater the likelihood that the Federal Reserve will need to print money to support the American military apparatus. That is when I plan to buy Bitcoins,” the businessman remarked.
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Hayes clarified that the common belief among market participants that “war is beneficial for Bitcoin” is somewhat inaccurate. He asserted that a more precise statement would be that “money printing is beneficial for Bitcoin.”
He also expressed uncertainty about whether Bitcoin has reached its price bottom. In his view, further escalation of the conflict with Iran could lead to another drop in the price of the leading cryptocurrency.
If Bitcoin’s price falls below the $60,000 mark, a significant wave of liquidations could occur in the market, potentially delaying the recovery of the price for several months, the investor warned.
Previously, Arthur Hayes urged investors to refrain from hastily purchasing the leading cryptocurrency in light of the intensifying military conflict between Israel, the U.S., and Iran.
