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Bitcoin (BTC<\/a>) has been on a bull run for the past six months or so and the market is yet to respond \u2014 but it will in around six to 12 months, according to BitMEX co-founder and former CEO Arthur Hayes.<\/p>\n In a Sept. 5 keynote speech at Korea Blockchain Week, Hayes argued Bitcoin\u2019s bull run began on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation.<\/p>\n Two days before SVB\u2019s takeover on March 8, Silvergate Bank had gone into liquidation. Two days later on March 12, Signature Bank was forced to close by New York regulators<\/a>. <\/p>\n In response, and in a bid to stop further possible collapses, the Federal Reserve created the Bank Term Funding Program<\/a> (BTFP) \u2014 offering banking loans of up to a year in return for them posting \u201cqualifying assets\u201d as collateral.<\/p>\n \u201cEssentially, what [the Fed] did was backstop the entire banking system by saying: \u2018Please give me your underwater dogshit bonds and I’ll give you fresh dollars,\u2019\u201d Hayes said.<\/p>\n \u201cMe and the rest of the market rightly saw through this as basically them admitting that they caused this problem \u2014 the structure of the banking system \u2014 and this is one of the ways you can fix it which is: Print more money.\u201d<\/p><\/blockquote>\n He said since then, Bitcoin\u2019s price has been up<\/a> \u2014 currently around 26% \u2014 which is why he claims the bull market started that day.<\/p>\n \u201cWe basically ditched this whole facade that we care about the value of the dollar and the value of any fiat currency.\u201d<\/p><\/blockquote>\n This pushed traders to consider fixed-supply assets such as Bitcoin, Hayes claimed. <\/p>\n