Bankless Arthur Hayes: Money Printing & The Crypto Bet
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May 19, 2025 
Arthur Hayes, co-founder of BitMEX and Maelstrom, dives into the shifting landscape of macro finance and crypto. He discusses the surge of Ethereum and questions the sustainability of the U.S. as a global reserve. Hayes argues that capital controls might redefine economic structures, while he reveals his bold bets on Bitcoin and gold as liquidity pours into markets. The conversation also explores the potential disruptions from a dual monetary system and what it means for investors amidst evolving regulatory frameworks.
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Fed's Quiet Treasury Support
- Fed covertly buys long-term Treasuries to control yields despite official QT stance.
- Fed and banks collaborate to support Treasury market and fund government spending.
Hemi's Bitcoin-Ethereum Integration
- Hemi network integrates Bitcoin and Ethereum, enabling superior asset portability and security.
- This represents belief in future crypto interoperability and innovation for better financial products.
Stablecoins & Treasury Bonds
- Stablecoins mostly hold T-bills, not long-term Treasuries needed for government funding.
- Regulation could mandate stablecoins to hold longer-duration bonds to support Treasury market.