Summary
Bitcoin billionaire Arthur Hayes predicts that risky assets, like crypto, will struggle until May due to U.S. dollar liquidity issues. He believes the upcoming Bitcoin halving could lead to a slump in prices instead of a rally. Hayes has sold some crypto assets and is waiting until May to re-enter the market, focusing on earning yield through Ethena’s USDe synthetic dollar protocol. He advises against shorting the market during this period.
Key Points
1. Bitcoin billionaire Arthur Hayes expects risky assets, like crypto, will have a tough time until May, leading to potential price slumps around the BTC halving.
2. Hayes believes that U.S. dollar liquidity, impacted by various macroeconomic forces, could delay the post-halving rally that is typically expected in the crypto market.
3. Instead of participating in the market, Hayes has sold some crypto assets and placed the proceeds into Ethena’s USDe to earn yield, choosing to stay out of trades until May when he expects the bull market to begin.