Digital Assets: Hayes Predicts Epic Bull Move In Crypto; Charlie Munger Shreds The Asset Class

October 9, 2023 | Digital Assets, Latest News, News

“It’s a combination of the most amount of money ever printed in human history in a two- to three-year period and the commercialization of AI.” – Arthur Hayes.

Arthur Hayes, co-founder of BitMEX, has outlined two crucial factors that he believes will drive a significant bull market in the cryptocurrency sphere. In a recent interview with Crypto Banter, Hayes emphasized the transformative potential of AI commercialization and the unprecedented money printing by the Federal Reserve. He contended that when these two elements are combined, they will propel cryptocurrencies to new heights.

Hayes introduced his “double happiness” theory at the Token2049 event, describing the impending bull market. He argues that the convergence of historic levels of money printing and the commercialization of AI is an unprecedented technological development in history. It will usher in an epic crypto bull market and impact other risky assets worldwide. (Benzinga)

Hayes also touched upon the expected surge in debt from economic powerhouses like the U.S., Europe, and China. He expressed astonishment at the projected magnitude of debt issuance and highlighted the potential advantages of digital currencies.

His optimism for Bitcoin and cryptocurrencies stems from the massive influx of newly printed money.

Charlie Munger trashes crypto

In contrast, Charlie Munger, Berkshire Hathaway’s Vice Chairman, remains a vocal critic of cryptocurrencies, particularly Bitcoin. During a Zoom conference, he dismissed Bitcoin as “the stupidest investment” and predicted that most cryptocurrency investments would become worthless.

Munger has consistently expressed negative views on cryptocurrencies, referring to them as “rat poison” and advocating for government bans.

Warren Buffett, Berkshire Hathaway’s Chairman and CEO, shares Munger’s skepticism about Bitcoin, stating that it “doesn’t produce anything” and comparing it to a “gambling token.”

Both Munger and Buffett have consistently expressed strong reservations about cryptocurrencies, in contrast to Hayes’ bullish outlook driven by AI and money printing.

Related Story:  Berkshire Hathaway’s Charlie Munger Delivers Fresh Diatribe Against Crypto

Image by Pabitra Kaity from Pixabay

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