Arthur Hayes, Chief Investment Officer at Maelstrom Fund, told Benzinga on Thursday that rising oil prices and treasury yields could prove positive for Bitcoin (CRYPTO: BTC).
What Treasury Yields Spike Amid War Means
Hayes pointed out the surge in yields on the 10-year Treasury note, which is not typical in a “risk-off” scenario. The yield on the supposedly low-risk investment, for context, climbed to a 3-week high of 4.143% as the Middle East war pushed oil prices higher while dragging down stocks and cryptocurrencies.
Hayes argued that the surge in oil prices has disrupted “normal investor behavior.”
The BitMEX founder further noted that as the 10-year Treasury price falls, the MOVE Index, which tracks the volatility in the U.S. Treasury bond market, rises.
Win-Win For Bitcoin?
“Historically, over the past 5 years, if the …