Arthur Hayes: Holds a pessimistic view on Bitcoin's strategic reserve policy, still believes Bitcoin will pull back to $70,000 to $75,000
ChainCatcher news, Arthur Hayes published a blog post today stating that the Bitcoin strategic reserve policy is terrible, "The fundamental problem with governments hoarding any asset is that they buy and sell assets primarily for political gain, rather than financial gain." This policy may change with shifts in the political landscape, thereby altering Bitcoin's original trajectory.Regarding the upcoming cryptocurrency legislation, Arthur Hayes also holds a pessimistic view: "Those building truly decentralized technologies and applications do not have enough financial resources to play politics at this critical moment in the cycle. Therefore, the desire for cryptocurrency regulation may come to fruition, and if it does, it will manifest in an overly complex and prescriptive form that only large, wealthy centralized companies can afford."As a result, Arthur Hayes still believes that Bitcoin will retest the $70,000 to $75,000 range. Only if the Federal Reserve, the U.S. Treasury, Japan, and others print money in some form, or create specific legislation that allows for permissionless cryptocurrency innovation, can the current market conditions improve.