Arthur Hayes urging everyone to buy the dip and hold on to Bitcoin. In his new article he argues that holding Bitcoin is the best way to protect your wealth in uncertain times, like now.
Ice age
Last few weeks was rough for the crypto market, as two significant events caused a big decline. First, the Mt. Gox repayments sparked fear, hitting down Bitcoin’s price.
Then, actions from Germany and America added to the market’s woes. The Fear & Greed Index fell to levels not seen since January 2023, and many investors, especially those using too big leverage, felt the pressure as their gains evaporated.
Justin Sun, founder of TRON, even offered to buy Germany’s Bitcoin holdings to stabilize the market. The deal didn’t happen, but the offer did.
BTFD
Hayes observes that the market’s reaction now is kind of a blend of fear and opportunism. Hayes believes that as BRICS nations push towards a multipolar global economy, the need for government funding through financial repression and fiat printing will remain here.
Ongoing global conflicts will likely drive inflation higher, benefiting Bitcoin. Number go up.
In his July 1st article, “Zoom Out,” Hayes shared his investment advice for the current cycle, and told that while stocks need a strong state to hold value, Bitcoin does not rely on any state.
“If you believe in the system but not its leaders, invest in stocks. If you believe in the system and its leaders, invest in government bonds. If you believe in neither, invest in gold or Bitcoin.”
Bear cub
Right now it’s clear Bitcoin is dominated by bears, with most technical indicators pointing to a consolidation phase, but Hayes believes it will be a while before Bitcoin enters a true bear market.
Institutional and retail adoption are at an all-time high, and the world’s largest crypto economy might soon have a Bitcoin-friendly president.
This suggests the bears may not be strong enough to keep Bitcoin down for long.
