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BitMEX co-founder Arthur Hayes issued a warning to investors of Bitcoin, warning them that Donald Trump’s actions and economic struggles would make him “crash Bitcoin’s price badly.” As reported by Hayes, it’s now the time to “relax, pull back, and wait” and not invest in the market.
Trump and the Budget Crisis: A Bitcoin Risk
Hayes thinks that if Trump is unable to pass the budget, then Bitcoin may enter a capitulation stage where prices decline to the $75,000–$70,000 zone. This is at a point when Bitcoin has been enjoying a robust bullish trend, but macroeconomic aspects, such as the policies of the U.S. government, might bring about volatility.
Trump himself has had mixed opinions about cryptocurrency in the past, sometimes slamming Bitcoin and sometimes appearing to be supportive. But Hayes indicates that doubt over Trump’s ability to handle economic trouble may put downward pressure on the price of Bitcoin.
What Should Bitcoin Investors Do?
For investors, Hayes’ caution is advice. The prospect of a Trump administration government budget crisis translates into Bitcoin short-term disappointments. Hayes’ take? Hold tight and wait for stronger signals before taking big swings.
Bitcoin’s path is highly dependent on macroeconomic conditions around the world, and political turmoil can greatly affect its price. Whether Trump’s budget crisis will indeed result in a crash is yet to be determined, but investors should remain up to date and ready for possible market fluctuations.
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