Crypto Market Bull Run Shifting From US to China: Arthur Hayes
• BitMEX co-founder Arthur Hayes believes that the US retail investors will not be removed from the crypto capital markets.
• Regulatory enforcement actions in the US are threatening to drive crypto businesses offshore and this is leading to declining crypto prices.
• Hayes explains that it doesn’t matter whether retail investors own or trade Bitcoin as they don’t have enough capital anyway and rich people can easily access the global market with help of intermediaries.
Arthur Hayes Claims Removal of US Retail Investors From Crypto Capital Market is Misplaced
The ongoing regulatory enforcement actions in the US have led to a fear of potential removal of US retail investors from the crypto capital markets. However, BitMex’s former CEO Arthur Hayes believes that this fear is misplaced.
US Crypto Traders Irrelevant
Hayes pointed out the irrelevancy of US crypto traders and why he thinks that bull market baton will shift from the US to China. He explained that even if brokerage platform Robinhood still allowed them to trade “XYZ shitcoin,” they wouldn’t have enough available capital to purchase it anyway.
Rich People Have Access To Global Markets
The former BitMEX CEO said that rich people can easily access the global market with help of intermediaries as they have much more plentiful money than mass affluent or below class people. He also added that these intermediaries will do whatever they are told as long as they receive a phat commission.
US Population Accounts For Less Than 4% Of World’s Wealth
Hayes further noted that according to Credit Suisse statistics, total net worth held by U.S citizens is only around $109 trillion which accounts for less than 4% of world’s wealth. He argued that such amount won’t make a dent in Bitcoin’s market cap even if all Americans bought BTC.
While there is concern regarding removal of US retail investor from cryptocurrency markets, Arthur Hayes believes fear is misplaced as lack of available capital among retail investors means their role in determining price movement for cryptocurrencies is insignificant.