Home / Blockchain News /Billionaire Arthur Hayes Says Bull Market Will Return When This Happens

Billionaire Arthur Hayes Says Bull Market Will Return When This Happens

27 Oct 2022

Arthur Hayes, a prominent American banker, entrepreneur, and former CEO of crypto derivatives giant BitMEX, has speculated that the next crypto bull run will kick off when China eases its stance toward the crypto market. The crypto advocate argued that there are signs that it is already happening, one of which is the Hong Kong government’s recent announcement regarding a bill to regulate crypto. This is because Hong Kong acts as “the proxy through which China interacts with the world.”"Hong Kong’s friendly reorientation towards crypto portends China reasserting itself in the crypto capital markets. When Choyna loves crypto, the bull market will come back. It will be a slow process, but the red shoots are budding," he said in a recent blog post titled “Comeback."Hayes claimed that China may view Hong Kong as a testing ground for its experiment with crypto markets. Furthermore, Chinese investors may use Hong Kong as a hub for entrance into the global crypto markets."If these flows actually materialise in the way I imagine, they will be a strong supporting pillar of the next bull market. Imagine a bull market supported by every major central bank engaging in yield curve control and Chinese retail buying Bitcoin in Hong Kong," he added. Since 1997, Hong Kong has been a part of China under the "one country, two systems" approach. The country is allowed to forge external relations in certain areas, including trade, communications, tourism, and culture. Hong Kong Slips Down the Crypto Hub World RankingsAccording to a study by Forex Suggest earlier this year, Hong Kong was ranked the best-prepared country for widespread crypto adoption, with a crypto-readiness score of 8.6. The study considered various factors like crypto ATM installations, pro-crypto regulations, and startup culture.However, by late September this year, Hong Kong had allegedly lost this position largely due to its regulatory ambiguity on crypto. This forced a number of major crypto-focused businesses and events to move their activities to Singapore and other countries and territories considered more friendly.Meanwhile, the country is expected to announce its stance against digital assets by the end of the month. As reported, authorities of China’s Hong Kong Special Administrative Region will present a policy statement at the forthcoming Hong Kong Fintech Week event, scheduled to be held between October 31 and November 1.“The policy statement will make our policy stance on virtual assets clear to the global markets. It will also demonstrate our commitment and determination to explore financial innovations together with the global virtual-assets community,” Hong Kong Secretary for Financial Services and the Treasury Christoper Hui Ching-yu said. 

Source From : cryptonews

© CoinJoker 2019 | All Rights Reserved.