Bitcoin’s future depends on Fed policy, not on halving cycle

BitMEX co-founder Arthur Hayes reiterated his bullish expectations for Bitcoin, predicting that its rise will be driven by Fed liquidity rather than a halving cycle. He sees Bitcoin as a tool to hedge against the weakening of the dollar and believes that the recent decline is only temporary. Hayes also increased his holdings of 1.34 million ENA tokens, bringing his holdings to 4.45 million ($3.48 million), indicating his confidence in Ethena's USDe stablecoin. USDe is currently the third largest dollar-linked asset with a market value of US$12.5 billion. He predicts that by the end of 2025, the price of ETH will reach $20,000, citing institutional inflows and growth in spot ETFs, while pointing out that market volatility and the stability of models such as USDe have not been tested and there are risks.