Quick overview

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Arthur Hayes stated that although Bitcoin may be on the verge of hitting a new all-time high after breaking $110,000 earlier Thursday, BTC is still expected to test $90,000 this year once President Trump’s “Big Beautiful Bill” is signed into law.

The co-founder and former CEO of cryptocurrency exchange BitMEX said in a blog post titled “Quid Pro Stablecoin,” published on Wednesday, that the president’s bill, which aims to lower taxes and raise the debt ceiling, could lead the US Treasury to take out more loans. After passing the Senate, the bill has now cleared the House of Representatives.  President Trump is expected to sign the legislation into law on U.S Independence Day.

According to Hayes, the Treasury would replenish its General Account, which could cause markets to lose liquidity and impact the value of assets like Bitcoin. But ultimately, he believes Bitcoin will continue to rise afterwards.

He wrote, “Be cautious.”  CoinGecko reports that it has increased by more than 2 percent over the past seven days and remains 2 percent below its peak of $111,814 in May. Hayes previously stated that money printing, a monetary policy of the US central bank, would eventually help Bitcoin and other crypto assets

The Crypto expert predicted in May that Bitcoin might reach $1 million per coin by 2028 as investors shift funds from US Treasury bonds into other assets.

Hayes also mentioned that the US government is interested in stablecoins to reduce the deficit, rather than fix payment issues, in his blog post from Wednesday

The Senate passed the GENIUS Act, establishing a legal framework for Stablecoin issuance and trading in the world’s largest economy.