As the economic conditions in the United States deteriorate later this year, economist and former CEO of Bitmex Arthur Hayes forecast the impending arrival of a bitcoin bull market.

In his piece "Patience is Beautiful," Hayes modifies his former advice to wait it out before making any cryptocurrency investments.

He believes that the direction of the world economy is clear, notwithstanding the possibility that obstacles could alter its course. Insists Hayes:

 >"Money printing, yield curve control, bank failures, etc. will all come to pass, starting in America and eventually spreading to all major fiat monetary systems … I believe the fireworks and the real bitcoin bull market will begin in the late third and early fourth quarter of this year."

the Incoming Bull's Catalysts Hayes lists the rebound in inflation figures, which he also believes to be deceptive, and the consequent rise in interest rates as the national debt loses its allure for foreign investors as factors that will lead to this prosperous new era for bitcoin.

According to Hayes, the U.S. Federal Reserve won't be able to achieve its goal of raising inflation rates to 2%, which will force it to keep raising rates in an effort to combat the resurgence of core inflation, which will rise from 4.81% in September to 5.37% in December.

The banking system will also be affected by this, as deposits will move from small and medium-sized financial institutions to what Hayes refers to as "too big to fail" banks and to money market funds in order to get better yields.