Arthur Hayes: Money Printing & The Crypto Bet
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Again, what do we know happens whenever the markets go down, especially the bond market, and volatility goes up? They print the money. And so the consequence of capital controls is that the treasury, the fed, and politicians must all do their part to create policies to provide dollars to replace the foreigners who are leaving, and they're just gonna print them. And the consequence will be gold and Bitcoin go through the moon.
Bankless nation. We've got Arthur Hayes on the podcast again. Arthur, how are you doing, man? Good.
How are you, Ryan? Hey.
I'm feeling pretty good on the prices today. First question, this is gonna be a tough one for you. Why did ETH go up 50% over the last seven days? How the hell did that happen? Thought
it was everyone thought it was dead. That's why. Yeah. The most the most hated coin or most hated asset goes up the fastest in the next cycle. Just human nature. I don't know why.
There's, like, no other explanation for this. There's nothing that you I'm sure have found in the order books or anything.
Someone can concoct. It's the was it the Petra upgrade? It's, you know, Vitalik becoming a little bit more active on social media. Whatever. You can come up with any sort of rationale as to why the price is going up, or it's just you know, it's been hated, you know, for the last two years because Solana went from 7 to 300, and now, you know, people think it's, oh, this is the new the new new new thing. Yeah.
This is kinda my take. It was time. I mean, I know you were saying this back in March when it was like that was probably peak, at least lately, hate on ether. I mean, Bitcoin ETH ratio was going down. Solana was kinda, like, running all of crypto. It's just, like, just hating on it. Right? It was it was kinda dead. And I saw I think I saw an interview from you, like, some some tweets or something, and you were bullish at that point in time. So I'm not gonna say I'm not like you're not vindicated. Right? Because I think you're you're looking for a price call around 500 k or something like that.
But, I mean, obviously, there's a long way to go. Right? What is it? 2,700 or whatever the price is? Yep. It was you know, when Bitcoin was a hundred and 10,000 before, it was, like, 4,000. So, like, it's definitely not performing, like, as well as it could. I've didn't buy any, but I'm long a lot of it. So, you know, is that am I happy? Yeah. It's great. Great. It's going up. But, like, okay. Let's talk at 10,000 or 15,000 or something meaningful here.
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