Arthur Hayes Says Bitcoin May Have Already Bottomed as US Yield Control Could Drive Gains

Bitcoin may already have passed its price bottom, Arthur Hayes said, as surging US debt could eventually push policymakers to hold down Treasury yields in a move that would support digital assets.

Cointelegraph reported on August 29 that the BitMEX co-founder sees a possibility that Bitcoin has already bottomed.

Hayes focused on the rapid growth in US debt. He said the heavy debt burden could force policymakers into a de facto yield curve control, or YCC. Bitcoin and altcoins tend to respond strongly in that kind of liquidity-expansion environment, he added.

Yield curve control is a policy in which authorities manage government bond yields to keep them from rising above a certain level. Hayes said any US effort to cap Treasury yields in that way would ultimately lead to a larger money supply.