Arthur Hayes: Trump’s Crypto Adoption Efforts Likely to Fail Due to Government Resistance

Arthur Hayes, the co-founder of BitMEX, recently shared his views on cryptocurrency and the political landscape in an interview with DLNEWS.

BitMex co-founder explained that even if former President Donald Trump supports cryptocurrencies, the broader government could hinder his efforts.

Hayesh argued that the US government agencies like the United States Securities and Exchange Commission (SEC), led by Gary Gensler, are not the main problem; instead, it’s the overarching political environment that’s resistant to change.

Hayes also argued that BlackRock’s involvement in Bitcoin & Ethereum could fundamentally alter the asset’s nature. He expressed concerns that centralised asset managers could impact Bitcoin’s core principles of privacy and decentralisation.

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Arthur Hayes said in an interview with DLNEWS that even Trump wants to support cryptocurrencies, but if the government opposes, he may not be able to do it. The SEC and Gary Gensler are not the problem. BlackRock’s products are not cryptocurrencies. Whoever is elected will print…

— Wu Blockchain (@WuBlockchain) August 7, 2024

Regarding the future of Bitcoin, Hayes is fully optimistic. He predicted that Bitcoin’s trade price will increase significantly in the future, possibly reaching up to $1 million. He also mentioned that regardless of who is elected president in the US, substantial money printing will continue, which he sees as beneficial for Bitcoin’s trade price value.

Bitcoin price

The current trade price of Bitcoin is $56,093 & this price is 15.8% down over the last 7 days period.

On August 6, Bitcoin spot ETFs saw a total net outflow of $149 million. Grayscale’s ETF, GBTC, had an outflow of $32.18 million. Fidelity’s ETF, FBTC, had an outflow of $64.48 million, and ARKB had an outflow of $28.88 million. The total net asset value of Bitcoin spot ETFs is $51.466 billion.

This data hints that big players are also under stress, and there’s a high chance that prices may drop further in the coming days.

While many crypto influencers are emphasising the potential positives during this bearish phase, various indicators suggest that the market is likely to remain stable for the next 5-6 days.

Read also: Arthur Hayes Says US vs China economic war is great for $BTC

Arthur Hayes: Trump’s Crypto Adoption Efforts Likely to Fail Due to Government Resistance

 

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