Arthur Hayes, BitMEX co-founder and Maelstrom chief, said Michael Saylor's role in driving Bitcoin adoption has faded now that institutional investors have easier ways to own the cryptocurrency directly.
Speaking with crypto host Crypto Wendy O, Hayes explained that before U.S. spot Bitcoin ETFs launched, Strategy (Saylor's firm) was among the few options for institutional investors and those with retirement accounts seeking Bitcoin exposure. "Once you have all these other products and all these other ways to access crypto, why would you trade this funky stock thing?" Hayes asked, referring to the preferred shares and valuation complexities involved.
Hayes pointed to recent market data to support his view. U.S. spot Bitcoin ETFs added $241 million in inflows last week, and Hayes said he now watches ETF flows rather than Saylor's purchases as the metric that matters. He characterized Saylor's approach as "corporate finance games" and described his marketing style as "chicanery" and a "PT Barnum" circus for institutional investors.
Hayes noted that Strategy disclosed a BTC Monetization Program in June that allows it to sell Bitcoin to raise up to $1.25 billion, with the full amount still unused as of early July. Strategy's latest weekly filing showed $15.7 million in MSTR stock sales funding a 334 BTC purchase.
When asked whether Bitcoin will reach $1 million, Hayes responded with a single word: "Yes." He did not provide a timeline or supporting analysis. Bitcoin was trading near $85,300 at the time of the interview, roughly 32 percent below the $126,199 record set a year earlier. A $1 million price would represent an increase of approximately 11.7 times from that level.
