TechFlow news, December 20: Arthur Hayes stated in his latest article that the Reserve Management Purchase (RMP) program introduced by the Federal Reserve during its December 10 meeting is essentially equivalent to quantitative easing (QE). Through accounting T-chart analysis, Hayes pointed out that RMP creates liquidity by purchasing short-term Treasury securities, ultimately funding government spending and producing inflationary effects.
Hayes predicts that although the market currently mistakenly believes RMP has less impact than QE, once the market gradually recognizes their equivalence, Bitcoin will break past $124,000 again and rapidly surge toward $200,000. He notes that while RMP's $40 billion monthly scale has limited effect relative to the current U.S. dollar supply, it will still drive asset price increases.
The article also mentions that as major global central banks may be forced to follow with accommodative policies in response to dollar depreciation, 2026 will witness accelerated fiat devaluation jointly driven by the Federal Reserve, the People's Bank of China, the European Central Bank, and the Bank of Japan. Hayes expects Bitcoin will trade sideways between $80,000 and $100,000 in the short term until the market fully recognizes the impact of RMP.
