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Hayes: “It Will Be The Real Test For Bitcoin”

Arthur Hayes, who had to resign from his position as the CEO of the BitMEX stock market with the lawsuit filed by the US Department of Justice in 2020, made important evaluations on Scott Melker’s podcast program.

Stating that many irresponsible companies sell valuable assets that they can sell, and the majority of them are Bitcoin and Ether, Hayes claimed that the sold Bitcoins are in the hands of long-term investors:

“All the companies that could go bankrupt went bankrupt. What did these companies sell? Bitcoin and Ether… Why? Because they were the only ones with value. All the others are ‘shit coins’ that they created out of the air. Look at the balance sheets of Alameda, 3AC. Bitcoin “No more. When you look at it, Bitcoin did its job as the reserve currency of crypto. It became a liquid currency and was disposed of where it was needed. These irresponsible companies delivered their Bitcoins to diamond hands.”

Stating that the bond market will become dysfunctional in 2023 and therefore the Fed will have to open the money taps again, Hayes said:

“There is currently a significant supply of bonds and no space. Neither does the Fed. If we see that the Middle East countries are removing more dollars from the oil deals, this will be a significant minus. Defense spending is rising and a recession is likely to come. So what can the government do in such an environment? They will add dollars to the market. The money printing machine will reopen. I think we will face a bigger crisis in the next cycle. The question is, will Bitcoin be able to differentiate in that crisis and the big inflation that will occur? That will be the real test for Bitcoin…”

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