Arthur Hayes: The Fed's RMP Plan Will Drive Bitcoin to Break Through $124,000 Again

On December 20, Arthur Hayes stated in his latest article that the Reserve Management Purchase (RMP) plan launched at the Fed's December 10 meeting is essentially equivalent to quantitative easing (QE). Hayes analyzed with an accounting T-chart that RMP creates liquidity by purchasing short-term government bonds, ultimately funding government spending, which has an inflationary effect.
Hayes predicts that although the market currently mistakenly believes RMP has less impact than QE, as the market gradually recognizes the equivalence of the two, Bitcoin will break through $124,000 again and quickly surge toward $200,000. He pointed out that while the $40 billion monthly scale of RMP has limited impact relative to the current dollar supply, it will still drive asset prices higher.
The article also mentions that, due to the possibility that major global central banks may be forced to follow suit with easing policies to counteract the depreciation of the US dollar, 2026 will witness the Fed, People's Bank of China, European Central Bank, and Bank of Japan jointly accelerating the depreciation of fiat currencies. Hayes expects Bitcoin to fluctuate in the short term between $80,000 and $100,000 until the market fully recognizes the impact of RMP.