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Jake Simmons

Arthur Hayes Links Bitcoin Breakout To Fed Response On Yen And JGB Turmoil

Arthur Hayes argues that Bitcoin's next significant move higher depends less on crypto-specific news and more on how US authorities react to mounting strains in Japan's currency and government bond markets. In an essay titled "Woomph" published on Wednesday, he outlines a potential Federal Reserve intervention involving dollar sales for yen and purchases of Japanese government bonds, which he believes would expand dollar liquidity and eventually support Bitcoin. Hayes plans to monitor changes in the Fed's "Foreign Currency Denominated Assets" line item and says he will adjust his positions in Bitcoin proxies and altcoins like Zcash based on any balance sheet shifts.
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