Arthur Hayes, the co-founder and former CEO of BitMEX who now manages a family office named Maelstrom, has expressed optimism about the resurgence of the crypto bull market. Hayes attributes this revival to recent interest rate cuts by major central banks, specifically the Bank of Canada and the European Central Bank.

On Wednesday, the Bank of Canada became the first major central bank to reduce interest rates this year, lowering them by a quarter-point to 4.75%. The European Central Bank followed suit the next day, cutting rates by the same amount to 4.25%. Hayes described these moves as central banking "fireworks" that would "catapult crypto out of the northern hemispheric summer doldrums," according to his June 6 Substack post.

Hayes speculated about whether the Bank of England might be next to cut rates. While he did not consider this his primary scenario, he suggested that the catalyst for significant market movement could come in August during the U.S. Federal Reserve's Jackson Hole Symposium, where major economic policy changes are often announced.

Upcoming economic events include the Federal Reserve's Federal Open Market Committee (FOMC) meeting on June 11-12 and the G7 Leaders' Summit in Apulia, Italy on June 13-14. Hayes questioned if the Federal Reserve would cut rates so close to the November U.S. presidential election, deeming it unlikely due to persistent inflation concerns. He anticipated the Fed would maintain current rates at its next meeting, describing a rate cut as "political suicide" at this juncture.

Similarly, Hayes predicted no changes from the Bank of Japan but indicated that the Bank of England's meeting shortly after the G7 event might deliver the next interest rate reduction, influenced by the recent cuts from the Bank of Canada and the European Central Bank. "The BOE has nothing to lose," Hayes remarked, noting the Conservative Party's bleak prospects in the upcoming election.

Hayes concluded that the trend toward easing by central banks is evident, urging a bullish stance on bitcoin and other cryptocurrencies. "Central banks at the margin are starting easing cycles. Go long bitcoin and subsequently sh*tcoins," he advised.

In his Substack post, Hayes encouraged projects within the Maelstrom portfolio to launch their tokens promptly, reflecting his confidence in the current market conditions. With Bitcoin trading at $71,263 at the time of his writing, Hayes's earlier prediction of a rally towards $70,000 has been validated amid ongoing policy announcements from the U.S. Federal Reserve and Treasury Department, which he termed "stealth forms of money printing."