Arthur Hayes believes BTC price will reach $100,000

Metaplanet CEO Simon Gerovich advised saving assets in the main cryptocurrency.*

Earlier, Metaplanet acquired additional bitcoins worth about $3 million. In total, the Japanese company holds $18 million worth of BTC on its balance sheet.

This spring, the company announced the transfer of capital to digital gold. In a letter to investors, Metaplanet explained the initiative to invest in the first cryptocurrency by the permanent weakening of the yen due to the negative interest rate policy.

Even with constant volatility, bitcoin has been growing continuously for many years. Analysts at the Japanese company expect that BTC growth rates will continue to outpace the yen.

Former BitMEX CEO Arthur Hayes believes that the price of the main cryptocurrency will recoup the decline provoked by the recent strengthening of the yen and reach $100,000. The expert pointed to the dependence of the US Treasury’s borrowings and the Fed’s monetary policy on the volume of current liquidity for markets, including crypto assets.

Hayes provided a graph of the relationship between the volume of the Federal Reserve’s reverse repo program and the price of bitcoin. The price dependence was recorded from April to July, when the US authorities decided not to place short securities, which contributed to the growth of reverse repo and the emergence of a sideways trend in BTC quotes with several serious drops.

If the current correlation continues, the cost of digital gold will quickly recoup the decline provoked by the strengthening of the Japanese currency and rise to $100,000, Hayes noted.

He also stated that the recovery of the altcoin value will be possible only after BTC and ETH decisively overcome the levels of $70,000 and $4,000, respectively. In such a situation, the crypto enthusiast also hopes to see the SOL price at $250.

“The combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree,” Hayes commented.

*Not an investment recommendation