Japan's newly appointed Prime Minister Sanae Takaichi announced a package of economic stimulus measures on Tuesday aimed at alleviating the impact of inflation on households. Some cryptocurrency observers believe this move could lead to more funds flowing into Bitcoin.
The stimulus measures include subsidies for electricity and gas costs, as well as regional grants to ease price pressures and encourage small and medium-sized enterprises to raise wages.
BitMEX co-founder Arthur Hayes believes this initiative signals that the Bank of Japan will further expand its money supply, potentially driving Bitcoin to $1 million.
Hayes stated on the X platform on Tuesday, "To translate, it means we are printing money to distribute to everyone to help address food and energy costs." He added that this dynamic could push Bitcoin to $1 million, while the yen is also expected to rise.
According to Reuters, after Sanae Takaichi became Japan's first female Prime Minister, the yen fell to a one-week low on Tuesday, as investors interpreted this as sending mixed signals regarding the upcoming interest rate decisions.
Hayes had previously predicted that a shift by the Bank of Japan towards quantitative easing (QE) could become the next significant catalyst for Bitcoin and risk assets.
QE refers to the central bank's practice of lowering interest rates and stimulating consumption by purchasing bonds and injecting money into the economy to address economic difficulties.
The Bank of Japan's next monetary policy meeting is scheduled for October 29. According to a report by Reuters on Monday, most analysts expect the central bank to raise interest rates by 0.75% before early 2026, but there is no clear consensus on the exact timing.
Currently, the central bank is implementing a quantitative tightening policy and has no clear plans to shift to QE before achieving the 2% target inflation rate.
According to macro investment resource Milk Road Macro, which posted on the X platform on October 8, Sanae Takaichi's "support for stimulus stance" could soon "drive Japan towards easing," as 80% of banks globally have already implemented QE policies.
Meanwhile, as Bitcoin's price gradually recovers after dropping to a four-month low of $104,000 on Friday, large cryptocurrency investors (whales) are signaling renewed bullish sentiment towards Bitcoin.
Three whales returned to the decentralized exchange Hyperliquid on Wednesday, depositing tens of millions of dollars and opening leveraged long positions. These positions expand investment size by borrowing funds.
According to blockchain data platform Lookonchain, which posted on the X platform on Wednesday, whale wallet "0x3fce" increased its Bitcoin long position to $49.7 million, while whale wallet "0x89AB" opened a $14 million long position with 6x leverage.
Related: From rebates to contract points: The next stop for cryptocurrency trading incentive mechanisms
Original article: “Arthur Hayes predicts Bitcoin (BTC) will rise to $1 million—Japan's new Prime Minister orders economic stimulus plan”
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