Bitcoin could see a breakout if the US central bank intervenes in the failing Japanese bond market by printing money, says BitMEX founder Arthur Hayes. The yen weakening and rising Japanese government bond yields signal a loss of market confidence, impacting the US. Fed intervention could involve creating dollar reserves, strengthening the yen, and purchasing JGBs.

Hayes believes the Fed will intervene by creating dollar reserves with banks like JPMorgan to strengthen the yen and lower Japanese bond yields. This action expands the Fed’s balance sheet under “Foreign Currency Denominated Assets.” Hayes is monitoring the Fed’s balance sheet through its weekly H.4.1 report for confirmation of money printing.

The US dollar index reached a four-year low at 95.6 on Tuesday, dropping 10% over the past year. Despite this, President Trump insists the dollar is “doing great” and criticizes China and Japan for devaluing their currencies. Trump’s comments came during a speech in Iowa where he highlighted the challenges of competing with devaluing currencies.

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