Crypto News: Arthur Hayes, co-founder of BitMEX crypto exchange, seems to be bullish for the digital asset market, specifically Bitcoin (BTC), amid the ongoing global bank crisis. Targeting Bank Term Funding Program (BTFP) report, he stated the Federal Reserve Board conducted a $4.4 trillion quantitative easing while helping the banks.
Bitcoin To Reach $1 Mln in Crypto Bull Run?
BitMEX Co founder in a tweet stated that BTFP is Yield Control by another name. He mentioned the traders to get ready for infinite money printing and Bitcoin price reaching $1 million.
In his Blog “Kaiseki”, Hayes addressed the U.S. Authority’s recent decision to print more cash to prevent the crisis. He highlighted that US regional banks haven’t been so deposit rich and now with this much cash they will use them to give loans.
However, he mentioned that the Fed and US Treasury did very well and did not let a good crisis go to waste. Meanwhile, they got a chance to blame mismanaged crypto and tech focused banks as the reason they had to step into something. Read More Crypto News Here…
Also Read: SVB Financial Group Files For Chapter 11 Bankruptcy; Bitcoin Spikes By 8%
This new move has allowed the financial instruments which were eligible to be used as collateral under the program to be majorly limited to US Treasury debt and Mortgage backed Securities. However, by impling a cutoff date, the Fed has limited the scope of the program to the total size of UST and MBS held by US banks which is estimated to be around $4.4 trillion.
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