BitMEX founder Arthur Hayes proclaims Bitcoin holders should “learn to love tariffs” amid shifts in global monetary dynamics
BitMEX founder Arthur Hayes has declared in a bold new comment that Bitcoin holders should “learn to love tariffs” as he predicts a fundamental shift in global monetary dynamics. According to Hayes, Bitcoin could be on the verge of becoming the purest leading indicator of fiat liquidity, unlike traditional markets like the Nasdaq.
While the Nasdaq fell by 5.82% in yesterday’s session, Bitcoin showed remarkable resilience. Despite a 3% intraday fluctuation, BTC closed the day with a gain. Hayes interprets this divergence as a sign that Bitcoin may be decoupling from US stocks.
Hayes offered a historical perspective, saying, “Since Nixon took the United States off the gold standard in 1971, the U.S. Treasury debt has increased 85-fold.” Hayes argued that the U.S. had to create the credit needed to support global economic growth, but that the benefits were unequally distributed. “Trump was elected by those who believed that, on average, the United States had not shared in its ‘prosperity’ over the last 50 years,” he said.
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Hayes warned that the elimination of the U.S. current account deficit would significantly change the structure of international capital flows. Without it, foreign countries would have fewer dollars to buy U.S. bonds and stocks. In turn, they would be forced to sell U.S. assets to fund domestic economic stimulus, ushering in an era of “nations first” policies that would not be easily reversed, regardless of any political backpedaling.
Hayes then turned his attention to what he called “The Comeback,” a global return to gold as a neutral reserve asset. He suggested that while the dollar remained the world’s reserve currency, gold could regain importance in international trade agreements because of its duty-free status. “Gold will flow freely and cheaply in the new world monetary order,” he wrote.
*This is not investment advice.
