Crypto's value is from being outside regulatory apparatus, says Arthur Hayes
CoinDesk
Arthur Hayes argues that Bitcoin's value is driven by fiat liquidity and monetary expansion rather than government regulation.Summary
At Consensus Miami 2026, Maelstrom CIO Arthur Hayes asserted that Bitcoin's value proposition is primarily derived from global fiat liquidity and the continuous printing of money. He contends that Bitcoin succeeds specifically because it operates outside of traditional regulatory frameworks, rendering political oversight or legislative attempts at control irrelevant to its price performance. Hayes highlighted historical precedents—such as bank bailouts, pandemic stimulus, and geopolitical conflicts—as the true drivers of Bitcoin's growth, emphasizing that increased fiat supply inevitably boosts Bitcoin's value in those currencies.
(Source：CoinDesk)