Arthur Hayes on Why AI Agents Will Want to Transact in Units of Compute
Episode publishedPodcast: UnchainedUnchained
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Just print more money and make sure it doesn't blow up. And so that's how Bitcoin moons because they will print money to cover up this capital misallocation, and that's such a thesis of the essay.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Before Before we dive in, we'll take a quick word from the sponsors who make the show possible. This episode is brought to you by one inch Aqua, the shared liquidity layer from one inch. Back multiple liquidity positions with one wallet balance and keep your tokens in your wallet until a swap fills. See how it works at 1inch.com/aqua. Today's guest is Arthur Hayes, CEO of Fluff Labs and CIO of Maelstrom. Welcome Arthur.
Thanks for having me again.
Just a heads up everyone that this is actually a prerecorded interview with Arthur, but it was recorded just one day before release. So Arthur, we scheduled this interview a while ago, but it's rather fortuitous that today, Wednesday, August 19, Bitcoin is up almost 7%, its biggest jump in a day since March. And we saw 1,440,000,000 worth of shorts liquidated. ETH has surged almost 16%. HYPE has rocketed up almost 20%. And while we could, you know, maybe attribute it to the SEC's crypto rulemaking, I don't think that move markets because I saw so many tweets afterward being like, why aren't th
So at the end, you know, I have been banging on this liquidity dream. It's my only trade really at the end of the day. And, you know, I think the new nomenclature now for the hedge fund bros is debt sustainability DSA. That's the acronym being bandied around across the street. But at the end of the day, we had this idea that around 5% yield on the ten year is the maximum paying point for the US Treasury. And it doesn't matter who is in the seat. The pain point was evident with Bad Girl Yellen in the previous US presidential administration. It's evident with Buffalo Bill Besson in the current T
And so what do you make of the moves of some of the specific coins? In particular, I wanted to ask you about the fact that you called for ETH to hit 5 k by year's end. Even with today's bump, it's only at 2,200. So I wondered if you're sticking to the timeline or just if you have new views on kind of like, you know, which tokens you expect to perform well.
So obviously, it did very, very well. I think it's some of the most hated large cap shitcoin out there, right? Number two largest coin by market cap. It has not eclipsed its twenty twenty one all time high. And so I think from a risk reward perspective, at least in the way that I manage the portfolio at Maelstrom, this is our largest position outside of Bitcoin right now. Because again, I'm not particularly worried that if I wake up one morning that ETH is going to zero. Obviously it could happen, but the risk of that versus another crypto is much lower. Therefore I'm happy to put a lot of siz
Oh, wow. And do you feel like the fact that they're kind of refocusing away from the layer two road map and kind of, you know, focusing a little bit more on the base layer? Is that part of your thesis for ETH?
I don't care about the technology. It has nothing to do with it's all positioning in my my view. Like the Ethereum Foundation, you know, I memes sound like they're a bunch of jokers. Who cares? Doesn't matter. Irrelevant. No one cares, right? It's all about here's a large cap asset. It works. Okay, maybe I can talk between L2s and all these different, like, Robinhood chains and all that sort of stuff, the amount of money that the EV chain is actually receiving in terms of ga
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