Arthur Hayes Crowns Bitcoin and Ether Crypto’s Reserve Assets

Arthur Hayes, the founder of BitMEX, believes that Bitcoin and Ether are the reserve assets of crypto, everything else is shitcoin. While confirming that he likes shitcoins and is not a maxi (malist), Hayes continues to say that “Bitcoin is money and money only” so his first stop is always BTC.

Hayes talks about what will buy the currency to further its decline. According to the exec, the smartest trade would be going long crypto. He cited the rise of central bank balance sheets as nothing improved.

Hayes on Janet Allen's tactics

Hayes provides a candid analysis of Janet Yellen's pivotal role as US Treasury Secretary and the impact her decisions have had on the global financial system. He described Yellen as “the worst female dog in the world,” emphasizing her power to exclude elements of the dollar-driven financial system and likening it to a “death sentence.”

In his latest blog post, Hayes criticizes government-produced inflation statistics, suggesting they may understate the true effect of inflation.

In particular, they pointed to uncertainties and potential problems in Yellen's potential strategies for stabilizing the economy, issuing short-term bills and managing the balance between the Reverse Repo Program (RRP) and the Treasury General Account (TGA). The executive hinted that Yellen's actions could cause a significant outflow of liquidity in financial markets.

Hayes argues that this level of liquidity, combined with the actions of other major central banks, could cause the dollar to weaken. As more dollars circulate in the system, the currency's relative value can depreciate against other major currencies such as the yuan, yen, and euro. The discussion suggests that the combined effect of Yellen's strategies and the rise in fiat credit globally could contribute to a weaker dollar.

Bitcoin: the savior

With all fiat liquidity “freezing” around global markets, Hayes believes that betting on big technologies like AI can be a smart move. However, according to the 38-year-old American entrepreneur, betting on cryptocurrencies is a very smart move. He urged investors to consider cryptocurrencies, particularly Bitcoin, as a hedge against fiat currency collapse.

“The first stop is always Bitcoin. Bitcoin is money and money only. The next stop is Ether. Ether is the product that powers the Ethereum network, which is the ultimate internet computer. Bitcoin and Ether are crypto reserve assets. Everything else is Shitcoin.”