Harry August (@Harry_August)

interesting take... "Arthur Hayes, the co-founder of the #BitMEX derivatives exchange, published an essay attributing the crypto market rally to the costs associated with hawkish U.S. foreign policy and not spot #Bitcoin #ETF anticipation. In an Oct. 24 essay titled The Periphery, Hayes attributed U.S. president #JoeBiden’s open-ended commitment to supporting Israel’s war effort against Hamas to the recent surge in the crypto markets. “Added to #Ukraine’s tab, #America’s military budget is set to truly explode,” Hayes said. “This will increase future government borrowing, and the sky's the limit when it comes to the sums of capital a war can waste.” Hayes said institutional investors already moved to sell off bonds and treasury bills in preparation for expanded U.S. military expenditure and will be seeking returns from new asset classes..." https://thedefiant.io/arthur-hayes-says-btc-is-rallying-over-us-military-spending-not-etf-hype #Bitcoin #CryptoCurrency