Bitcoin New High Chances Depend On Monetary Expansion: Hayes
Arthur Hayes believes Bitcoin's new all-time highs depend on future dollar liquidity expansion, likely in 2026.Summary
BitMEX co-founder Arthur Hayes asserts that Bitcoin's potential to reach new all-time highs hinges on the expansion of dollar liquidity, which he anticipates will occur in 2026. He cites several catalysts for this expansion, including the US Federal Reserve increasing its balance sheet through 'money printing,' falling mortgage rates as liquidity loosens, and commercial banks increasing lending to strategic, government-backed industries, fueled partly by US military spending. Hayes explained Bitcoin's 2025 underperformance relative to gold and the Nasdaq as a 'liquidity story,' noting that tech stocks benefited from government investment in AI, which blunted free-market signals. He maintains that Bitcoin, as 'monetary technology,' is only valuable in relation to fiat debasement, requiring continuous monetary expansion to approach values near $100,000.
(Source：Cointelegraph)