Supply Shock Bitcoin & the Coming Wave of Money Printing | Arthur Hayes
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Sep 30, 2025 
Arthur Hayes, Co-founder of BitMEX and CIO of Maelstrom Investments, delves into the future of money in a rapidly changing economic landscape. He discusses the Fed's looming independence erosion and the inevitability of money printing, positioning Bitcoin as a prime asset amidst this chaos. The conversation covers how AI's productivity surge may compel political choices regarding wealth distribution and highlights the critical role of DeFi and stablecoins in this dollarized future. Hayes contrasts Western and Asian responses to these shifts, emphasizing the potential for decentralized markets.
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Politics Driving Fed-Treasury Coordination
- Arthur frames the political effort to align the Treasury and Fed to enable large-scale money printing and fiscal policy.
- He argues bureaucratic appointments and packing boards are the likely path to implement yield curve control.
Yield Curve Control Is A Historical Template
- Hayes cites historical yield curve control (1940s) as a template for modern industrial policy funding via cheap long rates.
- He notes the Fed Act lets the Fed ensure 'moderate' government interest, effectively permitting large-scale money creation.
Bitcoin Benefits But Timing Matters
- Bitcoin is uniquely positioned to benefit from money debasement, but timing depends on entry price and patience.
- Hayes emphasizes historical outperformance of Bitcoin versus gold and stocks across prior debasement cycles.