Arthur Hayes: Bitcoin And Financial Markets To Explode, Ahead Of US Debt Deadline

It seems that it keeps pouring with optimistic predicitons about the prices of Bitcoin and other assets. Check out the latest reports about the prices below.

According to Arthur Hayes, the founder of BitMEX, the macroeconomic conditions seem to be turning in favor of Bitcoin (BTC).

During a recent interview on the “What Bitcoin Did” podcast, a seasoned crypto expert shared their belief that the government’s response to a debt deadline crisis typically involves waiting until the eleventh hour before raising the limit.

According to Hayes, lawmakers will likely use the debt ceiling crisis as an opportunity to get what they want from their political rivals.

“Usually what happens is they delay, delay, delay… Then you know, they get to the date… The market starts tanking, and then they get religion and [say] ‘Okay, yeah, sure, we’re just going to raise the debt ceiling.’”

He continued and said the following:

“Why do we go through this song and dance?

So the Republicans are probably going to get some concession on some particular piece of policy they think is going to be important in the next election from the Democrats, and then they’re in the last minute they’re going to come to a deal, and they’ll raise it by some token amount and then everybody’s happy again.”

New numbers from the Federal Reserve show the amount of money people are pulling out of their bank accounts is once again on the rise.

Based on data gathered by the Federal Reserve Economic Data (FRED) system, bank depositors withdrew a total of $30 billion from their American accounts between May 10th and May 17th.

That represents an increase of more than $4 billion over the previous week.

The US banking system now has a total of $17.15 trillion in deposits – this is compared to $18.03 trillion one year ago.