Arthur Hayes, the co-founder and former Chief Executive Officer (CEO) of the world’s largest cryptocurrency exchange, BitMex, says the upcoming DoomLoop theory is due to rising inflation and the devaluation of major global currencies. It is another thing that will also cause the price of gold and Bitcoin to fall.
Arthur Hayes, the former CEO of BitMex, has a huge following on multiple social media platforms. He said on Twitter to his 273,200 followers that Bitcoin is preparing for a big surge. After the Euro Nearly Equaled the Dollar for the first time in 20 years.
The #DoomLoop has begun. 1 USD = 1 EUR. Prepare yourselves for YCC and $BTC = $1 million. But please be patient, these things take time. pic.twitter.com/mR8SsBx0fv
— Arthur Hayes (@CryptoHayes) July 11, 2022
In April, Arthur Hayes published an article on his blog analyzing the current macroeconomic situation. A weaker dollar and euro will lead Western countries to look for safer assets such as commodities. In this case, it is gold and Bitcoin.
According to Hayes Kite, the Doom Loop theory comes after the European Central Bank (ECB) failed to take effective measures to halt the conflict between Russia and Ukraine.
