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 gain insight into future trends and push up Bitcoin prices accordingly, Hayes said these expectations may be dashed. He pointed out that both the quantitative easing policy of the People's Bank of China and the re-acceleration of bank credit growth will take some 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 given enough time, the long-term impact of these policies will be obvious.
Hayes believes this actually provides investors with an excellent buying opportunity because when those ordinary wealthy coastal residents decide to invest in Bitcoin, the price surge will be reminiscent of the situation in August 2015, when the price of Bitcoin soared from $135 to $600 after the unexpected devaluation of the RMB, almost quintupling in less than three months.
