Bitcoin’s optimistic outlook depends on central banks being hesitant to implement tighter monetary policies

Arthur Hayes, the former CEO of BitMEX, believes that the cryptocurrency market could be entering a prolonged bullish cycle. In his recent analysis, Hayes highlighted that the persistent expansion of global money supply and historically low interest rates are still providing supportive conditions for riskier assets like

(BTC). He noted that these macroeconomic dynamics may help sustain the ongoing upward trend, with Bitcoin rebounding from long-term lows and recently testing important resistance points.

According to Hayes, central banks—particularly those in the United States and the Eurozone—have shown little willingness to aggressively tighten monetary policy despite inflation concerns. He believes this approach will likely lead to an extended period of liquidity flowing into global markets, which traditionally benefits speculative assets such as cryptocurrencies. Hayes reiterated Bitcoin’s reputation as a safeguard against currency devaluation, underscoring its potential as a store of value in an environment of continual money printing.

Supporting Hayes’ viewpoint, recent market trends reveal that Bitcoin’s price has held above $60,000 for most of the last month—levels unseen since early this year. On-chain indicators, such as a rise in active wallet addresses and an uptick in new wallet creations, point to widening interest that now extends beyond institutional investors, suggesting greater adoption among retail participants. Market experts have observed that broader involvement in the crypto space may help stabilize Bitcoin’s price and gradually reduce its large price swings.

Hayes further drew attention to the influence of developing economies on Bitcoin uptake. In regions grappling with hyperinflation or unstable currencies, individuals are increasingly turning to Bitcoin as a means to protect their purchasing power. This movement, combined with expanding institutional engagement and the introduction of new investment vehicles like Bitcoin ETFs and futures, may further validate the crypto asset class and attract more diverse investors.

He also remarked that the wider economic backdrop—including continued government spending and the evolving competition between the U.S. dollar and alternative financial systems—strengthens the long-term outlook for Bitcoin. Hayes remarked that the move away from dollar dominance is a structural shift, and Bitcoin’s decentralized, global, and programmable nature makes it well-suited to capitalize on this trend. Nevertheless, he warned that uncertainties around regulation and shifting market sentiment remain significant obstacles for the current positive trajectory.