In a recent interview, Arthur Hayes, co-founder of BitMEX and current Chief Investment Officer at Maelstrom, expressed a confident outlook on the ongoing cryptocurrency bull market, asserting it still has significant room for growth. Hayes discussed his perspective with Kyle Chassé, a notable figure in the Bitcoin and Web3 space, emphasizing that global monetary trends, particularly aggressive monetary expansion by governments, are only just beginning.
Hayes highlighted the political landscape in the U.S., suggesting that the potential for increased government spending is on the horizon, especially in the context of a possible second term for former President Donald Trump. He forecasted that substantial spending programs could begin to emerge around mid-2026, which could sharply enhance liquidity in both equity and cryptocurrency markets. While he acknowledged the possibility of reevaluating his investments if the money-printing expectations escalate, he currently believes that investors are underestimating the influx of funds that could benefit both sectors.
Examining the broader geopolitical landscape, Hayes connected his bullish sentiment to significant shifts that he believes undermine the existing unipolar world order. According to him, periods of geopolitical instability typically prompt governments to employ fiscal stimulus and central bank easing as mechanisms to stabilize markets and reassure citizens. He referenced potential financial strain within Europe, even suggesting that a default by France could have far-reaching repercussions for the euro, ultimately pushing for more global monetary expansion.
Despite some concerns about Bitcoin appearing stalled after hitting a peak price of $124,000 in mid-August, Hayes challenged those worries by comparing Bitcoin’s performance with other traditional asset classes. He pointed out that while U.S. stocks have gained in dollar terms, they have not fully bounced back relative to gold since the 2008 financial crisis, with real estate also trailing behind on that measure. In contrast, he argued that Bitcoin stands out as a superior asset, particularly when evaluated in the context of currency debasement.
For investors growing impatient with Bitcoin’s current price movements, Hayes advised recalibrating expectations. He posited that both traditional finance and crypto enthusiasts share a common understanding: that governments and central banks are likely to inject more capital into the economy whenever growth slows. He noted that traditional finance often expresses this belief through leveraged bond purchases, while crypto investors opt for Bitcoin as a quicker alternative.
Ultimately, Hayes emphasized the importance of patience in investing. He argued that the true advantage of holding Bitcoin resides in its long-term compounding returns rather than immediate, speculative gains. Coupled with what he anticipates will be a substantial wave of money creation extending through the decade, Hayes is optimistic that the current cycle of cryptocurrency growth will continue well into 2026, suggesting that its potential is far from depleted.
