Arthur Hayes: "They're Going to Print the Money" — Hyperliquid, War, Hard Assets & the Macro Endgame

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Mar 5, 2026

Arthur Hayes, former BitMEX CEO and macro/crypto commentator, explains why war could force central banks to print money and how that shapes portfolios. He breaks down Hyperliquid’s 24/7 clearing edge over traditional exchanges. He makes the case for hard assets like gold, silver, and uranium, discusses liquidity vs regulation for Bitcoin, and urges strategic patience over frequent trading.

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INSIGHT

War Forces The Money Printer

War increases fiscal costs and makes money printing more likely as governments fund prolonged conflict.
Arthur Hayes argues longer wars force central banks in the US and Europe to print to support national war efforts and economies, creating reflationary pressure.

INSIGHT

24/7 Markets Reveal Weekend Price Signals

24/7 perpetual markets enable real-time price discovery on geopolitical events that traditional markets miss.
Hayes highlights Hyperliquid's weekend trading in oil, gold, silver and equities as providing price signals when traditional exchanges are closed.

INSIGHT

Clearing Architecture Is The Perpetual Moat

Clearing architecture, not product spec, is the competitive moat for perpetuals.
Hayes explains US/SG clearing systems guarantee settlement and limit leverage, so they can't match offshore perps where traders only risk initial margin.

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💡If money printing is coming, is your portfolio ready? Get a free portfolio review with Wealthion's endorsed financial advisors at https://bit.ly/47de29U

Arthur Hayes argues that war will force central banks to print money and lays out exactly where he's positioned for it. In a wide-ranging conversation with CoinFund President Chris Perkins, Hayes explains why Hyperliquid's clearing architecture gives it an unbeatable edge over the CME and every traditional exchange racing to launch 24/7 markets. He dismisses the Kevin Warsh appointment and the Clarity Act as noise, arguing that liquidity, not regulation, drives Bitcoin's price. He also makes the case for gold, silver, and uranium as a 20-year secular underinvestment, and shares his specific conditions for Hyperliquid, Athena, and Zcash. His closing advice: do nothing, because the more you trade, the more you lose.

💡"Rocks in the ground." Arthur's making the case for hard assets. Are you? Join Wealthion's Real Assets Community: https://wealthion.com/getready

💡If they're going to print the money, you want gold and silver. GBI Direct, the best way to invest in physical gold and silver: https://gbidirect.com/?aff=WTH

Chapters:

00:58 - War, Money Printing & What to Do With Your Portfolio (and Bitcoin)

2:15 - Hyper Liquid and the Case for 24/7 Price Discovery

5:11 - Can Traditional Exchanges Compete with Hyper Liquid?

11:08 - The SaaS Apocalypse, AI Job Losses, and the Case for Rocks in the Ground

13:40 - Kevin Warsh, the Fed, and Why the Chair Doesn't Matter

16:03 - Does the Clarity Act Even Move the Needle for Bitcoin?

20:01 - The One Risk That Would Change Everything: Austerity

23:13 - ⭐️Wealthion Golden Nugget: What's on the Tip of the Spear for Arthur Hayes Right Now?

25:19 - Ethena, Zcash, and the Privacy Thesis

27:44 - Will Alt Futures and Basis Trading Save Altcoins?

30:05 - Strategic Nothingness: The Art of Doing Nothing

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