Forward Guidance Inevitable Money Printing Will Drive A “Debt Doom Loop” | Arthur Hayes
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Sep 24, 2025 
Arthur Hayes, Co-founder of BitMEX and CIO of Maelstrom, dives into the challenges of Fed independence and the looming threat of money printing. He explains how Bitcoin could be the best hedge against inflation, discussing its performance compared to gold and stocks. The conversation also navigates the impact of AI on economic policies, the rise of DeFi and stablecoins, and the critical competition among decentralized exchanges. Hayes offers insights on systemic risks within the stablecoin ecosystem and what drives crypto adoption in Asia.
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Fed And Treasury Will Likely Cooperate
- Arthur Hayes argues the Treasury and the Fed will be coordinated to print money to support policy goals.
- He frames yield curve control as a likely tool to cheaply finance government spending and industry revitalization.
Bitcoin Is The Best Debasement Hedge
- Hayes says Bitcoin is historically the best performer versus gold and stocks when currencies debase.
- He cautions patience, noting performance depends on purchase timing and macro cycles.
AI's Impact Is A Political Decision
- Hayes frames AI's macro effect as a political choice about sharing gains or preserving capital structures.
- He expects governments will likely print money to avoid expropriating private owners and preserve social order.