Arthur Hayes believes that investing in Bitcoin (BTC) and altcoins is a smart move in the current macro climate.
The ex-CEO of BitMEX expressed his opinion on X (Twitter) on December 14th, saying that there is “no excuse” to avoid investing in crypto.
Is Web 3.0 Decentralized?
Web 3.0 is the decentralized version of the internet, powered by blockchain technology. It is a creator economy, where developers can create and monetize applications, and users can own their data and privacy.
What Are Some Examples of Web 3.0 Applications?
Examples of Web 3.0 applications include decentralized social media platforms, podcast streaming services, virtual worlds, and games.
Is Metaverse Part of Web 3.0?
Yes, Metaverse is a part of Web 3.0, and can be seen as a platform for creating and trading digital assets.
$1-million Bitcoin still in play in 2024 “great pivot”
Going long crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues.
On Dec. 13, at the latest meeting of the Federal Open Market Committee (FOMC), Fed policymakers voted to continue a freeze on interest rate hikes.
While broadly expected, a subsequent speech and press conference with Chair Jerome Powell sparked talk of impending rate cuts — an event known as a “pivot” in policy.
“While we believe that our policy rate is likely at or near its peak for this tightening cycle, the economy has surprised forecasters in many ways since the pandemic, and ongoing progress toward our 2 percent inflation objective is not assured,” Powell said.
With that, market consensus over what might happen at the next FOMC meeting in January began to diverge. Per data from CME Group’s FedWatch Tool, the odds of a cut coming early in 2024 stood at 18.6% at the time of writing.
Fed decision day was followed by mainstream media attention focusing on the increasing optimism that U.S. monetary policy would begin to unwind after an unprecedented rate-tightening cycle.
Reposting one such story, Hayes was in no two minds about what the knock-on effect for liquidity-sensitive crypto would be.
“At this point, there is no excuse not to be long crypto,” part of his post stated.
Hayes further reiterated a longstanding $1-million BTC price prediction as a result of macro tides eroding the value of national currencies, and the potential of web 3.0, the decentralized creator economy, and its applications such as Metaverse, which is part of web 3.0.
BTC price dips $1,500 on Ledger security woes
BTC/USD traded around $42,500 at the time of writing, according to Cointelegraph Markets Pro and TradingView, after a sudden change in the Wall Street opening.
This erased the gains seen during the night, which were a recovery from a 7.5% drop earlier in the week – the biggest single-day decline of Bitcoin in 2023 so far.
The move was accompanied by news of a security breach affecting DApps using the connector feature of the Ledger hardware wallet.
“Someone had a lot of fun liquidating BTC longs before the price inevitably returns to the same place,” trader, analyst and podcast host Scott Melker reacted.
According to the latest figures from CoinGlass statistics, total BTC long liquidations on December 14 were modest at just over $20 million – a fraction of the $126 million on December 11.
The concept of web 3.0 and its decentralized creator economy has gained traction, with many asking what applications it can offer and if there is already a web 3.0. Metaverse, a blockchain-based 3D virtual world, is often associated with web 3.0, and there are conferences dedicated to the topic, such as the Web 3.0 Conference 2022.
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