Bitmex co-founder Arthur Hayes said the United States is not likely to add more Bitcoin to its reserves beyond this seized due to the country's high debt and the stereotype behind “Bitcoin Bros.”
“I'm not really into the whole strategic reserve situation,” Hayes Says In an interview on May 1st.
Hayes doubts to print money plans for Bitcoin
“The United States is a deficiency country; the only way they can do a strategic reserve is not to sell the bitcoin they took from people, fine, that is 200,000 Bitcoin,” he said.
However, Hayes said it was hard to imagine any “properly elected” politicians that the government had announced openly plans to print money to buy Bitcoin (BTC).
“Especially when the popular narrative is a bunch of bitcoin bros who will go to the club.”
“Is this exactly what you want people to think about your policy?” He asked.
On March 6, US president Donald Trump signed an executive order to create a bitcoin strategic reserve and digital asset stockpile in the US. The US is holding 198,012 Bitcoin worth more than $ 18 billion, as each Recently Data. The reserve was primarily formed by Bitcoin that was seized in criminal and civil cases, including significant amounts from Silk Road and Bitfinex cases.
However, many Crypto industry leaders believe that if the US government is starting to buy Bitcoin, it can set an aggressive domino effect.
Sergej Kunz, co-founder of the Exchange Aggregator 1inch, said during the cointelegraph's longitude in Dubai that if the US starts buying bitcoin for a strategic reserve, even if smaller countries may struggle to get cryptocurrency.
He added. “I'm sure we'll soon see the countries fighting over who owns more bitcoin. The US will start.”
Hayes sees Bitcoin in Altcoin's playbook that remains the same
Hayes remains confident that the Bitcoin cycle leading to the Altcoin period will follow the same pattern as it did in 2021, despite different views from other analysts.
“I personally think that Bitcoin's dominance will return to where it is before the 2021 Altcoin season, which is about 70%,” Hayes said.
https://www.youtube.com/watch?v=oqemr3g8Dai
Hayes is not convinced that the pattern will change. “Then people are starting to spin,” he said. “It's back all the time highs; the bull markets are back, and the altcoins must exceed. It must be a keyword there,” Hayes said. “It depends on what you buy,” he added.
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Bitcoin dominance – the ratio of capitalization of the bitcoin market throughout the crypto market – is 64.78% at the time of publication, According to In tradingview data.
It represents an 11.68% increase since January 1, when Bitcoin's dominance walks just below 60%, a level where some analysts say it will be the climax before the start of the Altcoin period.
Many analysts doubt that Bitcoin's dominance will return to 70%.
One of the skeptics was in the cryptoverse founder Benjamin Cowen, who explained in August that he did not “think it would return up to 70%,” and his target for Bitcoin's dominance was 60%.
Meanwhile, in December Cryptoquant CEO Ki Young Ju said “Alteason is no longer defined by the assets from Bitcoin.”
He said the traditional signal marking the beginning of a period of altcoin when the capital revolves around Bitcoin to the Altcoins is outdated. Instead, altcoin trading volume has become more widespread against pairs of stablecoin and fiat currency.
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