Money Printer Go Brr? Arthur Hayes Thinks It's Coming—And Bitcoin Will Go Nuts

Arthur Hayes is at it again, this time predicting that Bitcoin's price could soar to $1 million by 2028. The former BitMEX boss Hayes, whose consistent bullishness has been well-documented, made his latest lofty prediction in a 7,000-word blog post that touched on economics, politics, wealth, philosophy and included a feature photo on musician Lizzo (it's also worth noting Hayes described his short-term projections as "pretty shit" last year). Hayes argued that the biggest cryptocurrency could surge due to an increasingly favorable macroeconomic backdrop, including a likely outflow of foreign investment and devaluation of the dollar. " Foreign capital repatriation and the devaluation of the gargantuan stock of U.S. treasuries will be the two catalysts that will power Bitcoin to $1 million sometime between now and 2028," he wrote, timing his prediction to the next presidential election when a less crypto-friendly president might be in office. "Maybe by some stroke of divine intervention, the American public is ready to accept the monetary hangover for the profligacy of the last century and extinguish the rotten credit destroying their society," Hayes wrote. "Therefore, the time is now to make hay while the sun king takes a shine to Bitcoin." Hayes, who received a pardon from U.S. President Donald Trump after having pleaded guilty in 2022 to violations of the Bank Secrecy Act, wrote that Trump won't stick with tariffs, instead pivoting to capital controls—and this will scare investors, who Hayes believes will flee the U.S. with their capital. As a result, the Federal Reserve will print money to make up for capital leaving the U.S. and that doesn't go into Treasuries, he wrote. "It's the same answer as always," wrote Hayes. "If the foreigners won’t supply the dollars, the government will by using its printing press." Trump started a global trade war shortly after taking office, imposing particularly harsh tariffs on leading trade partners China and Mexico. The policies unsettled investors, leading to a sell-off of crypto and other risk-on assets. These markets have subsequently recovered as Trump scaled back his policies, but foreign investors remain unsettled, prompting them to look for better opportunities outside. Trump will likely shift policies, as a result—and Bitcoin will ultimately benefit, Hayes maintains. "Bitcoin is the perfect and only lifeboat for global capital that must leave America and elsewhere," he wrote. Hayes has previously argued that Bitcoin would end up doing well due to American monetary policy of printing cash. The crypto market did well and surged during the COVID-19 pandemic, when America's central bank dropped interest rates to zero and flooded the country with new greenbacks. Edited by James Rubin