Bitcoin Can Shatter $1 Million Amidst Fed Printing Money

BitMEX founder and crypto veteran Arthur Hayes said that Bitcoin has massive potential. Check out the latest reports below.

Accoridng to the latest reports, the BTFP offers loans of up to one year to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S.

It’s been also revealed the fact that the treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral.

The same online publication mentioned the fact that in a new interview on the Bankless podcast, Hayes says that the new program could cause a “merry-go-round” of US banks receiving endless amounts of money from the government in exchange for holding its bonds.

“It [will be] profitable for the banks to have a deposit base, buy every single issuance they can of US government debt, and if they ever need to give their depositors back money, they give their debt to the Fed, the Fed gives them dollars.”

He continued and said the following:

“So we go on this little merry-go-round and the US government gets to stuff bonds down the throats of the banks and everybody’s happy.”

Check out the latest details about this in the original article. 

Market intelligence firm Glassnode says that the Bitcoin (BTC) network is showing a lot of strength in two key areas.

In a new analytics report, Glassnode finds Bitcoin transactions are reaching a level not seen since April 2021.

“The monthly average of transaction counts has hit 309.5k/day this week, which is the highest level since April 2021, and a significant break above the yearly average. Fewer than 12.2% of all days have seen more transaction activity for Bitcoin, a healthy sign.”

The analytics firm also said the fact that there are new users entering Bitcoin and the number is reaching more than 120,000 daily, a level only surpassed during the peaks of two previous bull runs.