Arthur Hayes is optimistic about the ongoing cryptocurrency bull market, asserting that it still has significant potential for growth, bolstered by global monetary trends that he believes are just beginning.
In a recent discussion with Kyle Chassé, an established figure in the bitcoin and Web3 space, Hayes—co-founder of BitMEX and current CIO of Maelstrom—contended that governments worldwide are not yet done with their aggressive monetary policies.
He specifically highlighted U.S. political dynamics, suggesting that President Donald Trump’s anticipated second term may unleash substantial spending initiatives starting around mid-2026. While Hayes indicated he might consider taking some profits if expectations for money printing escalate dramatically, he currently perceives investors as underestimating the vast liquidity poised to flow into both equities and cryptocurrencies.
Hayes connected his perspective to broader geopolitical transformations, pointing out what he sees as a decline in a unipolar world order. He believes such periods of instability often drive policymakers towards fiscal stimulus and central bank easing as means to maintain stability among citizens and markets.
Additionally, he mentioned potential tensions within Europe—hinting at the possibility of a French default destabilizing the euro—as another catalyst likely to accelerate global money printing efforts. Although he recognized these policies could eventually lead to negative outcomes, Hayes argued that we have yet to reach the peak phase of this economic cycle.
When discussing bitcoin specifically, Hayes dismissed worries regarding its apparent stagnation after hitting an all-time high of $124,000 in mid-August.
He compared its performance against other asset classes; while U.S. stocks have risen in dollar terms since then, they haven’t fully recovered relative to gold since the 2008 financial crisis. He noted real estate also lags behind when assessed against gold prices; only a select few U.S. tech giants have consistently outperformed across these metrics.
However, when juxtaposed with bitcoin’s performance metrics, traditional benchmarks seem weak by comparison.
The essence of Hayes’ argument is that bitcoin’s superiority becomes increasingly evident when assets are evaluated through the lens of currency devaluation.
If investors feel disheartened by bitcoin not reaching new highs weekly, Hayes suggested their expectations might be misaligned.
According to him, both traditional investors and those involved in crypto share a common belief: governments and central banks will resort to money printing whenever economic growth falters. Traditional finance typically manifests this view through leveraged bond purchases while crypto enthusiasts prefer holding onto bitcoin as their “faster horse.”
The key takeaway from his insights is patience is crucial for success in this arena. He posited that true advantages from holding bitcoin arise from years spent outperforming rather than engaging in short-term speculation.
Coupled with what appears inevitable—a surge in money creation throughout this decade—he anticipates that the current cryptocurrency cycle could extend well into 2026 without showing signs of fatigue.