Speaking of the relationship between central bank policies and the crypto world, this is worth pondering. Renowned trader Arthur Hayes recently pointed out the core logic of the Bank of Japan — negative real interest rates are essentially their tacit policy goal.

In other words, rather than stubbornly fighting the Bank of Japan's rate hikes, it’s better to go with the flow. Extending this line of thinking, Hayes offered his market judgment: the Japanese yen may depreciate to the 200 level against the US dollar, while Bitcoin could potentially break through the million-dollar mark.

The underlying logic is actually simple — yen depreciation signifies liquidity easing, and loose liquidity often boosts the valuation of risk assets. As a representative of risk assets, Bitcoin naturally benefits. Of course, this is just one opinion; market changes ultimately depend on the interplay of multiple factors.