As previously stated, the Federal Reserve’s hawkishness is the main issue. At least not until inflation fears become a top preoccupation ahead of the U.S. elections in November. There will be no more “money printing” when the Federal Reserve ends its bond-buying program in March. He published it on medium: https://cryptohayes.medium.com/maelstrom-ee6021e9d0c2

Hayes is also skeptical of “diamond hands” being able to save Bitcoin from a “calamitous fall.” He argues that institutional investors will not hesitate to dump their positions due to changing market conditions:

They don’t believe in or hold any allegiance to Lord Satoshi.

That said, he believes that Bitcoin and Ethereum, the two flagship cryptocurrencies, will decline much less compared to alternative coins: