#AltcoinSeasonComing Bitcoin will reach 1 million dollars before 2028. That is the strong prediction of former BitMEX CEO Arthur Hayes, who believes that the factors truly driving global liquidity do not come from the Federal Reserve, but from the U.S. Department of the Treasury.

In a recent interview with CoinDesk, Hayes pointed out that investors are looking in the wrong direction if they continue to focus their attention on Jerome Powell.

For Hayes, the current Fed chairman "didn't matter in 2022 under a Democratic government and doesn't matter now under a Republican one."

The engine of this analysis lies in the role of Treasury Secretary Scott Bessent, who according to Hayes is silently managing the excess U.S. debt through buybacks and strategic auctions. This approach, combined with persistent government spending, has flooded the financial system with dollars, creating an ideal environment for Bitcoin (BTC) to absorb the excess liquidity. In his analysis, Hayes does not limit his bullish prediction to the monetary realm. He also highlights the role of geopolitics, particularly in relation to trade negotiations between the United States and China. According to him, both powers are on track to sign an agreement that "will seem strong on paper, but will not change anything fundamentally."

"It will be a superficial agreement. Trump needs to show he has been tough on China. Xi needs to show he has stood up to the white man."

Hayes.

In his view, China has demonstrated, especially during the pandemic, that it can endure a considerable level of economic suffering. Therefore, instead of new tariffs — whose popularity has begun to wane — he anticipates a move towards capital controls. This would include measures such as taxes on foreign investments, higher withholdings on capital gains, or even forced exchanges of short-term bonds for long-term ones.