PANews reported on May 21 that BitMEX co-founder Arthur Hayes pointed out in his latest article that the pace of yen depreciation might accelerate in the fall. To curb the yen's depreciation, the Federal Reserve might reach an unlimited dollar-yen swap agreement with the Bank of Japan. Hayes believes this move is equivalent to the Federal Reserve implementing yield curve control, which will trigger a significant depreciation of the dollar.

Hayes believes that the depreciation of the dollar means a sharp increase in global dollar liquidity. This will benefit the cryptocurrency market, led by Bitcoin. He predicts that if the central banks of the US and Japan indeed adopt a "blunt" currency swap policy, it will trigger a new wave of cryptocurrency surges. At that time, the price of Bitcoin is expected to hit the $1 million mark or even reach a new all-time high.

Hayes suggests that cryptocurrency traders closely monitor future changes in the dollar-yen exchange rate and consider increasing their cryptocurrency allocations appropriately. He emphasizes that once the market discovers that the US and Japan are conducting large-scale currency swaps and the scale of these swaps continues to expand, it is very likely that a cryptocurrency bull market is imminent.