BitMEX co-founder CEO Arthur Hayes is forecasting a massive Bitcoin (BTC) rally and a major pivot from the world’s central banks.
Reacting to the news that the People’s Bank of China has reduced the Reserve Ratio Requirement (RRR) by 0.25%, Hayes says he’s targeting a $1 million price tag for Bitcoin.
Hayes believes China’s move backs his thesis that more government intervention and infusions of capital are coming.
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The Reserve Ratio Requirement is the amount of reserves that a commercial bank must maintain as a percentage of their deposits.
When the requirement is lowered, the amount that commercial banks can lend or invest rises.
In a new essay on the subject, Hayes says that the loosening of monetary policy is undoubtedly on the way.
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