BitMEX founder predicts: US-Japan currency swap could trigger a surge in cryptocurrencies, Bitcoin may hit 1 million dollars

On May 21, BitMEX founder Arthur Hayes pointed out in his latest article that to curb the depreciation of the yen, the Federal Reserve may reach an unlimited dollar-yen swap agreement with the Bank of Japan. Hayes believes this move is equivalent to the Fed implementing yield curve control, which will trigger a significant depreciation of the dollar. The devaluation of the dollar means a sharp increase in global dollar liquidity. This will benefit cryptocurrency markets led by Bitcoin. If US and Japanese central banks really adopt a "simple and crude" currency swap policy, it will trigger a new round of rises in cryptocurrencies. At that time, Bitcoin's price is expected to hit $1 million mark or even set a new historical high. Hayes suggests cryptocurrency traders closely monitor future changes in USD/JPY exchange rates while appropriately increasing their cryptocurrency holdings. Once market observes large-scale currency swaps between US and Japan are underway and continually expanding, it could likely signal an upcoming bull market for cryptocurrencies.