Arthur Hayes, co-founder of BitMEX and current CIO of Maelstrom, believes the crypto bull market has more room to run, driven by ongoing global money printing. Speaking with bitcoin and Web3 entrepreneur Kyle Chassé, Hayes urged investors to focus on the long term rather than short-term price movements.
Hayes highlighted that monetary expansion is far from over. He pointed to U.S. politics, suggesting that a potential second term for former President Donald Trump could introduce new spending programs from mid-2026 onward. While he might take partial profits if money-printing expectations become extreme, Hayes believes most investors are underestimating the potential liquidity that could flow into crypto and equities.
Global geopolitical developments also factor into his outlook. Hayes cited the erosion of a unipolar world order, noting that periods of instability often prompt governments to use fiscal stimulus and central bank easing to stabilize markets. He warned that tensions in Europe, including a possible French default, could accelerate money printing worldwide. Although these policies carry long-term risks, Hayes said the peak of the current cycle is still ahead.
On bitcoin, Hayes dismissed concerns over stagnation after the asset hit $124,000 in mid-August. He argued that traditional assets—including U.S. stocks, real estate, and most technology giants—lag behind gold and especially bitcoin. He emphasized that bitcoin’s value is clearest when viewed as a hedge against currency debasement.
Hayes concluded that both traditional investors and crypto holders operate under the same principle: governments will print money when growth falters. Traditional finance relies on leveraged bonds, while crypto investors treat bitcoin as the “faster horse.” Patience, he said, is key—bitcoin’s long-term compounding performance, combined with ongoing monetary expansion, could sustain the crypto cycle well into 2026.
