'Decisive' Biden, Fed Expected to Trigger $20 Trillion Earthquake in Bitcoin Prices Boosting Ethereum, XRP and Cryptocurrencies

Bitcoin and cryptocurrencies have skyrocketed over the past year, buoyed by the arrival of Wall Street, a “seismic shift” in Washington and expectations of a bombshell in China.

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The price of Bitcoin has returned to near its all-time high of around $70,000 per BTC, as the US Securities and Exchange Commission (SEC) creates a “sweet moment” for Bitcoin, Ethereum, XRP and cryptocurrencies.

Now, legendary bitcoin and cryptocurrency trader Arthur Hayes has predicted that the Federal Reserve will restart its money printer ahead of the presidential showdown between Joe Biden and Donald Trump later this year, which could push the price of bitcoin to $1 million, giving it a market value of about $20. Trillion.

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Forbes Biden's 'Seismic Shift' Could Be About to Trigger a Huge Earthquake in Bitcoin Prices After Ethereum's 'Firestorm' By Billy Bambrough

Bitcoin could reach '$1 million and maybe more', according to legendary trader… [+] Arthur Hayes, who also predicted a “boom” for Ethereum, XRP and cryptocurrencies.

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“Bitcoin is the best-performing asset in the face of global financial deterioration, and they know it,” Hayes wrote in a blog post, noting that the Japanese yen recently fell to a 34-year low against the US dollar, and called the exchange rate between the US dollar and the Japanese yen “The most important global economic variable.”

“I believe the pace of yen depreciation will accelerate in the fall,” wrote Hayes, who co-founded leading cryptocurrency derivatives firm BitMex. He added, “This will put pressure on the United States, Japan and China to do something. The US elections are a crucial motivating factor for the Biden administration to reach some solutions.”

Biden and former President Donald Trump, the Republican nominee for the 2024 elections, are preparing to repeat their 2020 race for the White House this year, with the Federal Reserve so far keeping monetary policy tighter than many expected in the face of steady inflation.

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Forbes After GameStop Price Collapse, Meme Stock Traders Have a Surprising New Target for Bitcoin and Cryptocurrencies By Billy Bambrough

The price of Bitcoin has risen over the past year, driven by the arrival of Wall Street,… [+] Expectations of a Federal Reserve coup and the China bomb.

Forbes digital assets

“When something is done about the weak yen, I will mathematically guess how inflows into the Bitcoin pool will push the price to $1 million and perhaps beyond,” Hayes wrote.

Hayes expects the Fed to take the “easy” option and replace the newly printed dollar with the yen.

“This is great for Japanese companies, because they collectively have dollar assets worth more than $3 trillion,” Hayes wrote. “Cryptocurrencies are booming, as there is more dollar and yuan liquidity floating in the system.”

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