Arthur Hayes: “Patience is Beautiful”

Arthur begins the article with a story about his visit to a coffee shop in Tokyo, where he experienced the Japanese dedication to crafting the perfect cup of coffee – a process that demands patience from both the barista and the customer. This experience prompted him to reflect on the value of this human quality in the world of finance.

The question on everyone's mind – when is the bull run?

Hayes posits that Bitcoin and gold prices have the potential to either rise, as was observed during the American banking crisis, or fall. This is due to the simple fact that nothing follows a linear trajectory of ascent or descent, and identifying long-term trends requires patience.

Hayes believes that the true bull run for cryptocurrency will likely occur towards the end of the third quarter and beginning of the fourth quarter of 2023. He encourages his readers to relax and savor the summer, as he anticipates the market will be primed for a surge come fall.

Hayes also considers that forthcoming actions by the Federal Reserve System (FRS) of the United States will impact liquidity conditions in the months ahead. He personally plans to concentrate on the technological facets of Bitcoin and cryptocurrency.

Arthur Hayes, former CEO of BitMEX. Source: CoinDesk

A word on the FRS

Hayes doesn't shy away from criticizing those who steer central banks and shape global monetary policy, accusing them of failing to comprehend the intricacies of contemporary markets. In his view, their overreliance on century-old economic theories is a major failing. Regardless of the route taken by the FRS, be it rate hikes or cuts, Hayes asserts they exacerbate inflation and fuel the movement away from the fiat financial system.

Furthermore, he suggests that the banking system in the U.S., along with all other significant banking systems, is grappling with issues stemming from the economic stimulus – “Covid money” – released by various governments during the Covid-19 pandemic.

As his closing note, Hayes encourages his readers to practice patience and gear up for a future bull run for Bitcoin. He is of the firm belief that patience will yield rewards, much like his anticipation for a perfect cup of coffee in Tokyo.