Arthur Hayes Crowns Bitcoin and Ether Crypto’s Reserve Assets

BitMEX founder Arthur Hayes believes Bitcoin and Ether are crypto’s reserve assets while everything else is a shitcoin. While he assured that he loves shitcoins and is not a maxi(malist), Hayes went on to add that the first stop is always BTC since “Bitcoin is money and only money.”

Hayes talks about what to purchase to outperform the currency debasement. The smartest trade is going long crypto, according to the exec. He cited that nothing else has outperformed the increase in central bank balance sheets like crypto.

Hayes on Janet Yellen’s Strategies

Hayes delivered a candid analysis of Janet Yellen’s pivotal role as the United States Treasury Secretary and the consequential impact of her decisions on the global financial system. He characterized Yellen as the “baddest bitch in the world,” highlighting her authority to exclude entities from the dollar-dominated financial system, equating it to a potential “death sentence.”

In his latest blog post, Hayes further criticized government-produced inflation statistics, suggesting they may downplay the true effects of inflation.

He particularly pointed out the uncertainties and potential pitfalls in Yellen’s potential strategies that are aimed at stabilizing the economy, issuing short-dated bills, and managing the balance between the Reverse Repo Program (RRP) and Treasury General Account (TGA). The exec hinted that Yellen’s actions may lead to a substantial injection of liquidity into the financial markets.

Hayes argues that this influx of liquidity, coupled with the actions of other major central banks globally, could result in a depreciation of the dollar. As more dollars circulate in the system, the relative value of the currency may decrease compared to other major currencies like the yuan, yen, and euro. The discussion implies that the combined impact of Yellen’s strategies and the resulting increase in fiat credit globally might contribute to a weakened dollar.

Bitcoin: Saviour

With all of the fiat liquidity “sloshing” around the global markets, Hayes believes betting on big tech such as AI could serve as a smart move. However, betting on cryptocurrencies is the smartest move, according to the 38-year-old American entrepreneur. He called for investors to consider cryptocurrencies, particularly Bitcoin, as a hedge against potential fiat currency debasement.

“The first stop is always Bitcoin. Bitcoin is money and only money. The next stop is Ether. Ether is the commodity that powers the Ethereum network, which is the best internet computer. Bitcoin and Ether are crypto’s reserve assets. Everything else is a shitcoin.”


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Source link