Arthur Hayes, co-founder and former CEO of crypto derivatives trading platform BitMEX, is forecasting a massive rally for Bitcoin (CRYPTO: BTC), adding that he predicts a $1 million price tag for BTC.

In making his claim, Hayes cited the People’s Bank of China's reduction of its Reserve Ratio Requirement (RRR) by 0.25%.

加油$BTC = 100万美金 pic.twitter.com/6iJeD5QXQC

— Arthur Hayes (@CryptoHayes) March 17, 2023

In a recent blog, Hayes said that the loosening of monetary policy is on its way, and that will, in turn, lead to a more significant BTC rally than one that followed pandemic-related measures by the Federal Reserve.

“The Fed printed $4.189 trillion in response to COVID. Right off the bat, the Fed implicitly printed $4.4 trillion with the implementation of BTFP. During the COVID money printing episode, Bitcoin rallied from $3,000 to $69,000. What will it do this time?” Hayes wrote. 

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Speaking on the projected Bitcoin and crypto rally, Hayes wrote that, “[the] ensuing Bitcoin rally will be one of the most hated ever." "How can Bitcoin and the crypto markets in general rally sharply after all the bad things that happened in 2022?” he asked. 

“Didn’t people learn Bitcoin and those associated with it are scumbags? Aren’t people afraid of the narrative that Bitcoin caused the failure of large banks and almost consumed the U.S. banking system?” he added. 

On Friday, Bitcoin crossed the $27,000 mark amid macroeconomic concerns about the ongoing instability of the U.S. banking sector. Bitcoin has been up more than 36% in the last seven days.

At the time of writing, the cryptocurrency was trading at $27,533.

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