In a characteristic tweet, Hayes admonished investors for not already being long on crypto given clear signals that global monetary policy is shifting in a more accommodative direction. With the Fed clearly wavering on its hawkish stance, Hayes argues there is no excuse not to bet on the inevitable erosion of fiat currency — to the benefit of hardcapped assets like Bitcoin.

While the Fed maintains rates are likely near their peak, Chair Jerome Powell tellingly left the door open to cuts in 2024 if inflation continues trending down. Markets are now pricing in nearly a 1-in-5 chance of a rate cut by early next year.

Mainstream outlets are finally waking up to the pivotal implications of easing financial conditions. For crypto — with its high sensitivity to liquidity flows —U-turns from the likes of the Fed and ECB spell a veritable flood of capital into digital assets.

Hayes originally called for Bitcoin to hit $1 million by the next halving in 2024 when loose policy ignites a final speculative frenzy. With central banks waving the white flag on runaway inflation, that eye-popping target looks increasingly in reach.

In the nearer term, Bitcoin remains rangebound in the low-$40ks after a brief flush-out to $42,500 during Wednesday’s Wall Street open. The move was seemingly triggered by FUD surrounding a security vulnerability with the Ledger hardware wallet connector feature that could have compromised some DeFi protocols.

But as usual, the market quickly shrugged off the temporary negative headline as bottom-fishers piled back in on what they see as a macro setup too bullish for Bitcoin to stay down for long.