In a recent conversation with Kyle Chassé, a veteran in the Bitcoin and Web3 space, Arthur Hayes, the co-founder of BitMEX and current Chief Investment Officer at Maelstrom, offered a bullish perspective on the future of the cryptocurrency market. Hayes believes the current crypto bull run has plenty of momentum left, driven by global monetary policies that are only beginning to unfold. Let’s delve into the insights shared by Hayes and explore the potential implications for investors and the broader economic landscape.
Monetary Expansion and Political Dynamics
Hayes argues that governments worldwide are still in the early stages of aggressive monetary expansion. He specifically points to the United States, where President Donald Trump’s second term has not yet fully rolled out expansive spending programs. According to Hayes, these programs could start to kick in from mid-2026, injecting significant liquidity into both equity and crypto markets.
The BitMEX co-founder is keenly aware of the geopolitical shifts that are shaping these monetary policies. He suggests that the erosion of a unipolar world order is prompting policymakers to lean heavily on fiscal stimulus and central bank easing to maintain stability. These measures, he believes, are necessary to appease both citizens and markets in times of uncertainty.
Global Tensions and Economic Strains
Hayes doesn’t shy away from acknowledging the potential risks that accompany such expansive policies. He highlights possible strains within Europe, suggesting that a French default could severely impact the euro and accelerate global money printing efforts. While these scenarios could spell trouble in the long run, Hayes maintains that the peak of the current cycle is still ahead.
Despite recognizing the risks, Hayes remains optimistic about the prolonged potential of the crypto market. He contends that investors are underestimating the scale of liquidity that could soon flood into these markets. However, he also notes that if expectations for money printing reach extreme levels, he might consider taking partial profits.
Bitcoin’s Performance and Traditional Assets
Turning his attention to Bitcoin, Hayes dismisses concerns that the asset has stalled after hitting a record $124,000 in mid-August. He draws comparisons between Bitcoin and traditional asset classes, noting that while U.S. stocks have risen in dollar terms, they have yet to fully recover relative to gold since the 2008 financial crisis. Similarly, real estate lags behind when measured against gold, with only a few U.S. tech giants consistently outperforming.
Hayes emphasizes that when viewed through the lens of currency debasement, Bitcoin’s dominance becomes even more apparent. He argues that traditional benchmarks appear weak when measured against Bitcoin, and for those frustrated by Bitcoin not reaching new highs every week, he suggests their expectations are misplaced.
Patience and Long-Term Outperformance
In Hayes’ view, investors from both traditional finance and the crypto world share a common belief: governments and central banks will resort to printing money whenever economic growth falters. Traditional finance tends to express this view by buying bonds on leverage, whereas crypto investors opt for Bitcoin as the “faster horse.”
Hayes concludes that patience is crucial for investors. He argues that the real advantage of holding Bitcoin lies in its ability to compound outperformance over the years, rather than relying on short-term speculation. Coupled with what he sees as an inevitable wave of money creation through the rest of the decade, Hayes believes the current crypto cycle could extend well into 2026, far from reaching its zenith.
A Balanced Perspective
While Hayes’ insights are undoubtedly compelling, it’s important to consider other perspectives. Critics might argue that the reliance on monetary expansion and fiscal stimulus could lead to unsustainable bubbles or increased economic disparity. Additionally, geopolitical tensions and potential defaults in Europe could introduce significant volatility.
Nonetheless, for those bullish on cryptocurrency, Hayes’ analysis offers a roadmap for navigating the years ahead. Whether or not his predictions come to fruition, Hayes provides a thought-provoking perspective on the interplay between global monetary policies and the crypto market’s trajectory. As always, investors should weigh the potential risks and rewards, keeping an eye on both macroeconomic trends and the evolving geopolitical landscape.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
