The founder of BitMEX, Arthur Hayes, stated that Bitcoin could rise rapidly to US$ 200,000 before undergoing a correction and forming a bottom above US$ 124,000. According to him, the movement will be driven by what are called Reserve Management Purchases (RMP), an operational policy mentioned in the most recent FOMC meeting that Hayes compares to quantitative easing (QE).
"RMP is a new acronym that entered my dictionary on December 10, the day of the Fed meeting," he wrote on his blog. For him, the concept is equivalent, in practice, to money printing, something historically positive for scarce assets like Bitcoin.
"I love QE because it means money creation, and I own assets that rise faster than fiat currency."
In Hayes's view, this process reinforces Bitcoin's role as an alternative to the traditional financial system. He had previously attributed prior highs of the cryptocurrency to the monetary expansion of the Federal Reserve and even projected the $BTC a US$ 250,000 as a consequence of these policies.
Currently, Bitcoin is trading around US$ 87,000, about 30% below its all-time high of US$ 126,080. On the same day as Hayes's statements, CryptoQuant stated that on-chain indicators suggest the asset may already be in a bear market, despite the optimistic projections.