Arthur Hayes: China's economic stimulus measures are expected to drive cryptocurrency gains

PANews October 29 news, BitMEX co-founder Arthur Hayes said in his latest article that China's stimulus measures will inject trillions of dollars into the financial market and drive up cryptocurrencies. For those who believe that the market will immediately see future trends and push up Bitcoin prices accordingly, Hayes said these expectations may be dashed. He pointed out that the People's Bank of China's quantitative easing policy and the re-acceleration of bank credit growth both require time to achieve their effects. In the initial stages of the policy, Chinese savers tend to buy domestic stocks and apartments that are undervalued by the market. But Hayes believes that as long as enough time is given, the long-term impact of these policies will be obvious.

Hayes believes that this actually provides investors with an excellent buying opportunity. Because when those ordinary wealthy coastal residents decide to invest in Bitcoin, the surge in prices will be reminiscent of the scene in August 2015-after the unexpected devaluation of the renminbi, the price of Bitcoin soared from $135 to $600, almost quintupling in less than three months.