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Former BitMex CEO <a href="https://cryptohayes.substack.com/p/are-we-there-yet" rel="noopener noreferrer nofollow">Arthur Hayes </a>has shared an insightful new essay titled "Are We There Yet?" In this piece, Hayes delves into the possibility of Bitcoin's price surging to $70,000, even if the Federal Reserve decides to not cut interest rates soon. His essay challenges conventional economic thinking and presents a compelling case for Bitcoin's resilience in today's economic landscape. 
Hayes begins by questioning the widely accepted notion that&nbsp;<a href="https://u.today/bitcoin-this-one-thing-might-push-btc-price-below-25000" rel="noopener noreferrer nofollow">BTC</a>'s value is inversely correlated with rising interest rates. Hayes especially points out the importance of focusing on real rates in comparison to the rapid growth of the U.S. economy, rather than obsessing over nominal Fed rates. He argues that due to significant government spending and robust GDP growth, real yields on government bonds have turned negative. This, in turn, makes assets like&nbsp;<a href="https://u.today/bitcoin-this-one-thing-might-push-btc-price-below-25000" rel="noopener noreferrer nofollow">Bitcoin</a> attractive to investors. 
<blockquote> 
 What happens if the Fed keeps raising rates? Can the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> bull market gain steam? "Are We There Yet?" is an essay exploring that question.<a href="https://t.co/OGkVQreIBg" rel="noopener noreferrer nofollow">https://t.co/OGkVQreIBg</a> <a href="https://t.co/FTYR3HBq1a" rel="noopener noreferrer nofollow">pic.twitter.com/FTYR3HBq1a</a>— Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1701373807611580559?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2023</a> 
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Highlighting Bitcoin's recent bull market, which in the author's opinion started in March and has seen the&nbsp;<a href="https://u.today/xrpl-protocol-tipped-as-alternative-to-lightning-network-heres-why" rel="noopener noreferrer nofollow">cryptocurrency</a> rise by nearly 29%, Hayes emphasized its ability to maintain value above $20,000 despite multiple failed tests of the $30,000 mark. He suggests that this stability reflects the market's belief in the potential for even more negative real rates if the Fed continues to raise interest rates. 
In conclusion, the author expresses confidence in Bitcoin's resilience, even in the face of possible further Fed rate hikes. He attributes Bitcoin's unique behavior in relation to Fed policy to the extraordinary levels of debt-to-GDP ratios, which have disrupted traditional economic models. 
In a world where conventional economic theories are being challenged, Arthur Hayes's analysis suggests that Bitcoin's path to new highs may not be as far-fetched as it once seemed, offering a fresh perspective on the cryptocurrency's potential in today's complex economic environment.

Bitcoin (BTC) to $70,000: Arthur Hayes Shares Epic New Essay

U_Today

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