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BitMEX founder Arthur Hayes expects Bitcoin to be $750,000 by 2026. Heres how and why. 9118 Total views 19 Total shares Listen to article 0:00 Markets News Join us on social networksLove him or hate him, when Arthur Hayes speaks, people listen.

Last week, as a guest on Impact Theory with Tom Bilyeu, Hayes made the case for why he believes Bitcoin (BTC) price will hit $750,000 to $1 million by 2026.

Hayes said:I absolutely agree that there is going to be a major financial crisis, probably as bad or worse than the great depression, sometime near the end of the decade; before we get there, were gonna have, I think, the largest bull market in stocks, real estate, crypto, art, you name it, that weve ever seen since WW2.

Hayes cites the nearly predictable response of the United States government rushing in to intervene in every economic crisis with a bail-out as a key catalyst behind the structural problems in the U.S. economy.

He explained that this essentially creates an endless cycle of central bank printing, which leads to inflation and prevents the economy from going through natural market cycles of growth and correction. We all have collectively agreed that the government is there essentially to attempt to remove the business cycle. Like, there should never be bad things that happen to the economy, and if there are, we want the government to come in and destroy the free market. So, every time weve had a financial crisis over the past 80 years. What happens? The government rushes in, and they essentially destroy some part of the free market because they want to save the system.

Lets take a quick look at a few of the catalysts that Hayes believes will back Bitcoins move into six-figure territory. Mounting debt and out of control inflation.

According to Hayes, mounting government debt, a large amount that needs to be rolled over and diminishing productivity can only be addressed with money printing. While monetary expansion does lead to bull markets, the consequence tends to be high inflation. In the first instance, it creates a massive bull market in stocks, crypto, real estate, things that have a fixed supply, maybe theyre productive and have some earnings. But after that, were going to find out that, actually, the government cant save everything. It cant just print as much money as they think to try to save themselves by fixing the yield and price of their bonds, and were going to get a generational collapse.

Hayes expects a massive top at some point in 2026, followed by a great depression-like situation by the end of the decade.The U.S. government bankrupted the banking system

When asked about future contributors to inflation, Hayes zoned in on the $7.75 trillion in U.S. debt that must be rolled over by 2026 and the yield curve inversion in U.S. bonds.

Traditionally, China, Japan and other nations were the main buyers of U.S. debt, but this is not the case anymore a change that Hayes believes will exacerbate the situation in the states.

Why do I love these markets right now when yields are screaming higher?

Bank models have no concept of a bear steepener occurring. Take a look at the top right quadrant of historical interest rate regimes.

It’s basically empty. pic.twitter.com/P6MQnCU73N Arthur Hayes (@CryptoHayes) October 4, 2023

According to Hayes, the U.S. banking system is functionally insolvent because the regulators made the rules in such a way that it was profitable from an accounting perspective, not an economic perspective, to essentially take in deposits and buy low-yielding Treasurys, and they could do it with almost infinite leverage and a few basis points differing in the change of the price, and everyone makes a lot of money and gets a big bonus. The banks collectively bought all these treasuries in 2021, and obviously, the price went down a lot since then, and thats why we have the regional banking crisis.

The largest concern expressed by Hayes is that at a structural level, the U.S. banking system cannot buy more debt because it cannot afford to because it is structurally insolvent. The Federal Reserve has committed to doing quantitative tightening, so its not accumulating more Treasurys.

Hayes explained that the market is digesting this, and the nuance here is that despite high rates on U.S. Treasurys, gold prices remain high and certain market participants who previously were treasury buyers are disinterested.

Currently, banks struggle to attract deposits, and the difficulty of matching their deposit rates to the current rates available in the market creates revenue and debt management stress at a level that could become critical to the function of the entire banking system. Like many cryptocurrency advocates, Hayes believes that its in times like this that a certain cohort of investors begins to look at different investment options, including Bitcoin. Hayes view on why Bitcoin is destined for $750,000

Despite what appears to be a generally dismal outlook on the global and U.S. economy, Hayes still expects Bitcoin price to outperform, placing a target estimate in the $750,000 to $1 million range by the end of 2026.

Hayes expects Bitcoin to continue:Chopping around $25,000 to $30,000 this year as we get to some sort of financial disturbance and people recognize that real rates are negative. If the economy is growing at a nominal rate of 10%, but Im only getting 5% or 6%, even though its high, people on the margin are going to start buying other stuff, crypto being one of those things.

Coming into 2024, Hayes said either a financial crisis will push rates closer to 0%, or the government will keep raising rates, but not as fast as governments spend money and people continue looking for better returns elsewhere.

The eventual approval of a spot Bitcoin exchange-traded fund in the U.S., Europe and perhaps Hong Kong, plus the halving event, could push the price to a new all-time high at $70,000 in June or July of 2024. Regaining the all-time high by the end of 2024 is when the real fun starts and the real bull market starts, and Bitcoin enters the 750,0000 to $1 million on the upside.

When asked whether the estimated price level would stick, Hayes agreed that a 70% to 90% drawdown would occur in BTC price, just like it has after each bull market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. # Bitcoin # Cryptocurrencies # Federal Reserve # Central Bank # Bitcoin Price # Hyperinflation # Markets # Stocks # Inflation # Interest Rates

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Landeskog: 1st game in 3 years ‘a memory for life’

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Landeskog: 1st game in 3 years 'a memory for life'

DENVER — Colorado Avalanche captain Gabriel Landeskog took the ice in his first NHL game in nearly three years Wednesday night in a 2-1 overtime loss to the Dallas Stars in Game 3 of their first-round series.

It marked his first NHL appearance since June 26, 2022, when he and the Avalanche beat Tampa Bay to win the Stanley Cup. He had been sidelined because of a chronically injured right knee.

Landeskog started alongside Nathan MacKinnon and Martin Necas. He played just over four minutes in the first period, making an immediate impression in Game 3 by hitting Stars forward Mikko Rantanen, who used to be Landeskog’s teammate. He had no shots on goal but finished with a team-leading six hits in 13:16 of ice time.

The Stars took a 2-1 series lead.

“Felt great in all areas tonight in terms of being back,” Landeskog said. “Very special night regardless of the outcome.”

It was an emotional lead-up to the game for Landeskog. There were the ovations from the crowd, and chants of “Landy, Landy, Landy.” There were signs all over the arena, including one held up by his kids that read, “So proud of you Daddy!” The team also played a video tribute, with Landeskog tapping his heart in appreciation.

Landeskog said he felt “blessed and very fortunate” to be embraced by the crowd.

“I don’t know exactly what was going through my mind and body at that time, but it was pretty special, and that’s a memory for life. Simple as that,” Landeskog said. “Avs faithful, they make it special, you know? It’s a special place to play, it’s a special place to live and raise a family. And obviously the last three years have been difficult at times. And to come back and feel that love, I mean, incredible. So it means a lot.”

Landeskog said Rantanen welcomed him back when the two lined up for the opening faceoff Wednesday night.

“Regardless of what jersey he wears I love him. He’s a good friend of mine,” Landeskog said of Rantanen after the game. “But in this series, we’re obviously not friends when we’re playing. But obviously very special to be out there for that.”

It was Landeskog’s first game with the Avalanche in 1,032 days. He became the fifth player in NHL history — among those with a minimum of 700 games played — to return to his team after 1,000 or more days without a game, according to NHL Stats. The last one to do so was longtime Avalanche forward and Hall of Famer Peter Forsberg.

“I feel surprisingly calm and in control right now. I know the butterflies and the nerves will come, I’m sure,” Landeskog said during a pregame interview. “I found myself thinking about this moment a lot over the last three years. And now that it’s here, it’s the reverse — I’m thinking a lot about the hard work that’s gone into it, some of the ups, a lot of the downs, sacrifices and support I’ve had along the way.

“Thankful for everybody and all their support, but now it’s go time so I’m excited to get out there.”

Landeskog’s presence on the ice figured to provide a big boost not only for his teammates but the capacity crowd. His No. 92 sweater is a frequent sight around the arena.

The noise in the building was loud, the energy was electric.

“Everyone is rooting for him. It’s a great comeback story,” Avs coach Jared Bednar said after morning skate. “I trust in Gabe’s preparation, and what I’m seeing with my own eyes that he’s getting close and ready to play. I think he feels really good about where he’s at.

“Adding him back into our locker room, he’s almost an extension of the coaching staff, but he’s still one of the guys and the guy that everyone looks up to. You can’t get enough of that this time of the year.”

Landeskog’s injury dates to the 2019-20 season when he was accidentally sliced above the knee by the skate of teammate Cale Makar in a playoff game against Dallas. Landeskog eventually underwent a cartilage transplant procedure on May 10, 2023, and has been on long-term injured reserve.

He was activated Monday before Game 2 in Dallas and skated in pregame warmups but didn’t play.

Stars forward Matt Duchene was teammates with Landeskog, and they remain good friends.

“We’ve been rooting for him to come back,” said Duchene, who was the No. 3 pick by Colorado in 2009. “Obviously, it makes our job harder having a guy like that out there, but on the friends side, the human side and the fellow athlete side, I think everyone’s happy to see the progress he’s made. … I’m just really happy that he’s gotten to this point.”

It doesn’t mean the Stars will take it easy on Landeskog — or him on them.

“It’s remarkable he’s coming back, if he’s coming back, as a friend,” said Rantanen, a 2015 first-round pick by Colorado before being traded in January to Carolina and on to Dallas in March. “As an opponent, obviously, no mercy.”

The 32-year-old Landeskog recently went through a two-game conditioning stint with the American Hockey League’s Colorado Eagles. He practiced with the Avalanche leading up to their playoff opener.

The Associated Press contributed to this report.

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Coach: Oilers ‘gift-wrapping opportunities’ for L.A.

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Coach: Oilers 'gift-wrapping opportunities' for L.A.

It’s not just the Los Angeles Kings who are beating the Edmonton Oilers. The Oilers are also beating themselves.

That was the response Wednesday from Oilers coach Kris Knoblauch after he watched his team allow six goals for the second straight game in a 6-2 loss to the Kings in Game 2 of the Western Conference quarterfinals.

“The last two games, [the Oilers have allowed] five on the special teams, so that’s a problem,” Knoblauch said. “The other one is just mistakes. I don’t necessarily see us — I don’t see L.A. making plays to beat us. Mistakes, gift-wrapping opportunities. That’s different. If they make a heck of a play and [are] able to score goals, you just tip your hat and say, ‘There’s not much we’re able to do.’ But I don’t think I’ve seen very much of that. I think it’s been mostly gaffes that have cost us.”

Entering the postseason, the defending Western Conference champions were already facing questions about how their defensive structure would perform against the Kings. Most of those concerns were centered around their goaltending, which finished the regular season in the bottom 10 in team save percentage, according to Natural Stat Trick. The concerns were further amplified by the fact that one of their best players, defenseman Mattias Ekholm, would miss the first round with an undisclosed injury.

Game 1 against the Kings saw the Oilers fall into a 4-0 deficit before a late second-period goal from Leon Draisaitl sparked a comeback that saw them tie game with 88 seconds left in the third before Phillip Danault scored the game winner with 42 seconds remaining in L.A.’s 6-5 victory.

In Game 2, the Kings jumped out to a 3-0 lead before goals from Draisaitl in the second and former Kings winger Viktor Arvidsson in the third cut the lead to 3-2 before the Kings scored three unanswered goals in less than five minutes.

Knoblauch pulled goaltender Stuart Skinner after the fifth goal before his replacement, Calvin Pickard, allowed a goal on three shots in a little more than a minute worth of work.

“We’re down 5-2, give him a break, but also sometimes when the goalies change, there’s a little boost to our team, an immediate spark,” Knoblauch said. “That’s a stretch, it’s a long shot after the TV timeout, give it a try.”

Knoblauch was asked by reporters how he’ll assess who will start in Game 3 between Skinner, who has allowed 11 goals on 58 shots through two games, or Pickard.

The second-year Oilers coach said he’ll get together with his coaching staff and decide.

But Knoblauch added that he believed Skinner was not at fault for the team’s defensive troubles.

“I don’t think there’s been any bad goals. There’s been a lot of goals but the chances that we’re giving up are Grade A’s,” Knoblauch said. “I’m not sure that are many, ‘Geez, where’s the save there?’ It’s been very difficult for a goaltender playing. More structure and the less we’re giving up those opportunities, it’s a lot easier for Stuart Skinner or Calvin Pickard playing.”

Brandt Clarke scored the Kings’ first goal on the power play as he was able to get open in the slot for a tip-in on an odd-skater rush. Quinton Byfield pushed it to 2-0 when he walked in on net and fired a point-blank attempt that beat Skinner while Andrei Kuzmenko‘s goal saw him get behind the Oilers on the power play.

“When you’re making that gaffe and a guy is all by himself in the slot and we’ve seen probably three of those in the last two games, that’s not giving your goaltender much help,” Knoblauch said.

With Clarke, Kuzmenko and Anze Kopitar all scoring power-play goals, it led to Knoblauch addressing why the Oilers have struggled whenever the Kings have been on the extra-skater advantage.

Edmonton’s penalty kill was among the factors in its run to the Stanley Cup finals last season. The Oilers were an NHL-best 94.3% in short-handed situations.

Through two games this postseason, they’ve already allowed five goals on 10 power-play opportunities.

“They made a change at the end of the season, and it’s a good power play,” Knoblauch said. “There’s a lot of good moving parts there and it’s difficult to check all five of those guys. They bring a different element. It’s exactly what we expected from them. We saw a lot of penalty kills in our last regular-season game against them, and obviously, we’ve looked at the other games they’ve played against other teams. I don’t think there’s anything that’s unexpected.”

Knoblauch’s recollection of what the Oilers saw from the Kings toward the end of the regular season plays into what could become part of a larger narrative throughout the series.

In their last four combined regular-season and playoff games against the Kings, the Oilers have allowed 20 goals. That includes a 3-0 loss on April 5 followed by a 5-0 loss on April 14.

With the series set to resume Friday in Edmonton, the Oilers will try to find the cohesion that has eluded them against a team they’ve faced in the first round for what is now a fourth consecutive season.

Over their previous three encounters, they’ve split the first two games with the Oilers going on to win the series. But with the Kings leaving L.A. with a pair of victories, they now stand two wins shy of advancing to the second round for the first time since the 2013-14 season, when they won their most recent Stanley Cup.

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Thompson ‘the difference’ in 3rd as Caps go up 2-0

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Thompson 'the difference' in 3rd as Caps go up 2-0

WASHINGTON — The highlight-reel, diving save that it looked like Logan Thompson made to rob Jake Evans was not actually a save at all, and he wants to make sure everyone knows that.

“I didn’t save it,” Thompson said. “It went off the post. I think I almost knocked it in.”

Sure, Thompson and the Washington Capitals got a little lucky on that one. But his goaltending in the third period, when he made some spectacular stops, is the biggest reason they lead the Montreal Canadiens two games to none in their first-round playoff series.

“He was the difference tonight in the third: He wins us that game in the third period,” coach Spencer Carbery said after a 3-1 victory in Game 2, after which Thompson was selected the first star. “You could feel the building with the energy with each save. It felt like he just got bigger and bigger and bigger. He was tested. He made some huge saves in that third period to keep us in front.”

The Canadiens had multiple opportunities to tie the score, trailing 2-1 and pressing Thompson.

They got a 2-on-0 rush with 11 minutes left, but Thompson stopped Josh Anderson. With 4:22 on the clock, he got his stick in front of a textbook deflection by Christian Dvorak, who beat him earlier for a goal. And on the next shift, he denied Juraj Slafkovsky.

Fans rose to their feet to give Thompson a standing ovation and chanted “LT! LT!” after each of the saves.

“Extraordinary,” rookie Ryan Leonard said. “A lot of trust back there with that guy. He’s a gamer.”

Making it an even better tale is this was just Thompson’s second game back after getting injured when a shot dislodged his mask April 2 at Carolina.

“I knew I wasn’t going to get a game before playoffs,” Thompson said. “Just staying ready in practice, working as hard as I can and just waiting to see if I get my name called. It did. It’s playoffs. It’s not the start of the year: You can’t take your time to get into it. You just have to hit it sprinting. That’s kind of what I’ve done, and it’s worked out.”

Thompson and Charlie Lindgren alternated starts for the first half of the season. Then it became evident Thompson was Washington’s No. 1 netminder, something solidified when he got a six-year, $35.1 million extension in late January and Lindgren signed for three years and $9 million in early March.

Lindgren shouldered the load down the stretch, a year after carrying the Capitals into the playoffs, but there was no doubt about Carbery and goaltending coach Scott Murray going to Thompson to start the series as long as the 28-year-old was healthy.

“These games, this is where he wants to play,” Carbery said. “He wanted to play in the playoffs. He said: ‘I’m ready to go. I want to be in the net in Game 1.’ No disrespect to Charlie Lindgren. He wants these moments, and that’s an important part of it.”

Thompson made an important save early in the second period to keep his team’s deficit at one goal. He was at his best in the third, making 14 of his 25 saves to keep Montreal from evening things up.

“We knew they were going to come out in the third just like they did last game, Thompson said. “It’s easy to get into it when you make those saves. You’re definitely right back in the game. It could easily swing the other way if a couple of those go in and you’re fighting it, right? Luckily things went my way.”

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