The founder of the cryptocurrency exchange BitMEX Arthur Hayes predicts the growth of bitcoin up to $ 1 million by the end of 2029, which will contribute to the imposed economic sanctions against Russia.
Hayes published an article The Doom Loop, in which he presented his forecast of changes in the value of gold and bitcoin. He believes that the U.S. federal government will be forced to pay dividends on debt exceeding the amount of tax revenue if the interest rate goes up.
To avoid this, the Treasury would have to resort to fixing the value of interest rates, a technique called yield curve control (YCC).
The YCC would be the end game. Explicit or implicit yield curve control would mean the collapse of the U.S. dollar against gold and, more importantly, bitcoin. The YCC would raise the price of bitcoin to $1 million and the price of gold to $10000-20000.
There is no other politically acceptable option, and the action against Russia shows that the YCC is being used sooner than you think,” Michael believes.
Arthur noted that the European economy depends on Russian energy. For this reason the embargo on resources from Russia will cause a crisis. To stop the growth of prices at the expense of subsidies and reassure citizens, the EU authorities will be forced to launch a printing press, which in turn will accelerate inflation and drive the euro in the “fatal loop”.
The collapse of the U.S. and European economies would spur an increased demand for gold and bitcoins. To protect their savings from depreciation, both legal entities and individuals will actively buy cryptocurrencies and precious metals. As a result, the price of these assets will skyrocket.