Arthur Hayes Issues New Newsletter, Advising Investors to \'Buy the Dip\' and Hold onto Bitcoin
- WBOYOriginal
- 2024-07-12 14:28:40435browse
Despite the current bearish market, Hayes sees it as a chance to solidify positions.
Arthur Hayes, a former BitMEX CEO, has shared his latest newsletter, advising investors to "buy the dip" and hold onto Bitcoin, as he sees it as the best way to safeguard wealth in these uncertain times. Despite the current bearish market, Hayes sees it as an opportunity to solidify positions.
Last week, the market saw significant drops, which were largely influenced by two main events. First, concerns over Mt. Gox repayments rattled Bitcoin. Then, both Germany and the US added to the selling pressure.
The market’s negative reaction was expected, and it caused the Fear & Greed Index to hit lows that haven’t been seen since early 2023. Investors, especially those using leverage, have felt the impact, with recent gains being wiped out.
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The Fourth of July celebrations were dampened by the market downturn. In an attempt to stabilize the situation, Justin Sun, founder of Tron, offered to buy Germany’s Bitcoin holdings.
Hayes observes that while Bitcoin and the Nasdaq 100 used to move together, Bitcoin has struggled to keep up recently. He notes the push towards a multipolar global economy by BRICS nations and predicts ongoing government funding through repression and fiat printing, which will lead to more inflation.
Hayes advises, “If you trust the system but not its leaders, invest in stocks. If you trust both, invest in government bonds. If you trust neither, invest in gold or Bitcoin.” He highlights that Bitcoin’s value doesn’t depend on any state.
Currently, the bears dominate Bitcoin’s market, with most technical indicators pointing to a bearish phase. However, Hayes believes that it will take time before Bitcoin enters a true bear market.
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