BitMEX co-founder Arthur Hayes said he would not invest in Bitcoin at current levels, arguing that he would wait for the US Federal Reserve to ease monetary policy before buying.
Hayes said he expects Bitcoin demand to rise once central banks begin expanding liquidity again, particularly if geopolitical tensions increase pressure on governments to fund military spending.
“If I had $1 to invest right now, would I be putting it into Bitcoin? No. I would wait,”
Hayes said on the Coin Stories podcast.
Hayes added that while some investors claim geopolitical conflict is bullish for Bitcoin, the stronger driver for the cryptocurrency is large-scale money creation by central banks.
“That's when I'm going to buy Bitcoin when the central banks start printing money,”
Hayes said.
Bitcoin was trading near $69,926 at the time of publication, about 45% below its October all-time high of $126,000, with Hayes warning that prolonged conflict between the United States and Iran could trigger a wider sell-off in equities and crypto.
Hayes said the downturn could push Bitcoin below $60,000 before stabilising, although he maintains a longer-term view that the cryptocurrency could eventually reach $250,000.
At the time of reporting, Bitcoin price was $69,588.26.