BlockBeats News, April 30th, BitMEX co-founder Arthur Hayes expressed a bullish view on the cryptocurrency market at the Token2049 conference in Dubai.

“It's time to be bullish on everything,” he said in his keynote speech, referring to both cryptocurrency and the stock market. To support this view, Hayes put forward his often-mentioned argument that the U.S. will need to effectively print more money in a similar form of quantitative easing, which he believes could ultimately drive up cryptocurrency prices.

Hayes mainly compared the current market state to the third quarter of 2022. He noted that the market conditions at that time were concerning, such as central bank interest rate hikes. In the cryptocurrency sector, it was also just before the FTX collapse. However, he said that the U.S. intervened through its buyback plan and injected $2.5 trillion into the economy.

After Trump pushed for high tariffs on U.S. trading partners, the market was generally worried about the economic situation. The initial statements led to a market crash, but after a 90-day tariff suspension, the market eased. Hayes also stated that Federal Reserve Chairman Powell is not a fan of Trump and is unlikely to intervene to fix the market. However, he argued that even if the banking system does not directly provide funds for the repair, relative value hedge funds will provide funding through U.S. Treasury buybacks. He said these hedge funds might buy more bonds, increasing liquidity.

Hayes believes that by 2028, the price of Bitcoin could rise to $1 million.