Odaily Planet Daily reported that Arthur Hayes stated in a recent interview that Bitcoin could rise to $200,000, emphasizing that the main driver of the current bull market may be the policies of the U.S. Treasury rather than the Federal Reserve. Arthur Hayes' analysis suggests that when the Federal Reserve reduces its purchases of U.S. Treasury bonds, although rising yields lead to tighter market liquidity, the Treasury's debt management and issuance plans may create new market dynamics.