Arthur Hayes, founder of BitMEX, is sharing his altcoin portfolio and predicting that 2023 will be a big year for crypto.
In a new articleAccording to the crypto-capitalist, he believes that the Federal Reserve will begin printing money again next fiscal year. This could be a catalyst for Bitcoin (BTC), and other risk assets.
“I don’t know if $15,900 was this cycle’s bottom. However, I have faith that it was due the cessation or forced selling caused by a credit contraction. I don’t know when or if the US Federal Reserve will start printing money again.
However, I believe the US Treasury market will become dysfunctional at some point in 2023 due to the Fed’s tightening monetary policies. At that point, I expect the Fed will turn the printer bank on, and then boom shaka-laka – Bitcoin and all other risk assets will spike higher.”
Hayes notes that while he’s waiting for the Fed to start printing money again, he’s planning on earning yield by purchasing US Treasury bills.
“Everything is cyclical. What goes down will come back up. By investing in US Treasury Bills with a shorter duration than 12 months, I can earn close to 5%. And therefore, I want to be earning a yield while I wait for the crypto bull market to return.”
The venture capitalist goes on to reveal some of his altcoins holdings, describing some of them, such as derivatives exchange GMX and NFT marketplace LooksRare (LOOKS), as ‘super-powered.’
According to Hayes, he’s mostly interested in digital assets that have a correlating beta with BTC and Ethereum (ETH), meaning that if one or both of the top two digital assets were to see a rise in price, the altcoins would at a minimum also rise that amount.
“My ideal crypto asset must have beta to Bitcoin, and to a lesser extent, Ether. These are crypto’s reserve funds. If they are rising, my asset should rise by at least the same amount – this is called crypto beta.
This asset should generate income that I can claim for as a token holder. This yield must be greater than the 5% that I can earn by buying 6-month or 12-month Treasury bills. I have a few super-powered assets such as GMX and LOOKS in my portfolio.”
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