BitMEX Co-Founder Forecasts Bitcoin Surge with Web 3.0 Impact

Arthur Hayes Bullish on Bitcoin (BTC)

BitMEX co-founder Arthur Hayes is bullish on Bitcoin (BTC). In a post on X, Hayes referred to United States Treasury Secretary Janet Yellen as “Bad Gurl Yellen” and shared a chart depicting net reverse repurchase agreement (RRP) and treasury general account (TGA) balance changes. Hayes encouraged fellow Bitcoin enthusiasts to stay focused, suggesting that BTC will likely mirror the rise in dollar liquidity, which was evident from the chart.

Net Variations in RRP and TGA Balances

The chart illustrates the net variations in RRP and TGA balances, indicating a possible link between heightened dollar liquidity and the BTC price. Crypto analyst dharmafi shared more specific figures on X, noting an RRP of $65 billion and a TGA balance of $35 billion, with a significant net liquidity surge of $106 billion since Nov. 21.

Differences between Web 1.0, 2.0 and 3.0

Investors may be interested in exploring the differences between Web 1.0, 2.0 and 3.0, and how they can invest in Web 3.0. Web 1.0 was the first generation of the internet, where users could only view static websites. Web 2.0 enabled users to interact with websites and each other, while Web 3.0 is the next step of the internet, where users can interact with intelligent systems. It remains to be seen how Web 3.0 will impact businesses and the overall internet.

Liquidity Injections Impacting Cryptocurrency Markets

Hayes has pointed out the increasing liquidity in the financial markets, and investors and Bitcoin fans are paying attention to the potential effects on the crypto market.

The $106 billion liquidity surge since Nov. 21 has triggered questions about the effects on various asset classes, including cryptocurrencies. Dharmafi’s data further confirms the impact of the liquidity injection.

Yellen, who is not a fan of Bitcoin, recently spoke to Reuters at a G20 finance ministers and central bank governors meeting, urging cryptocurrency exchanges to comply with the law in order to remain within the US financial system.