• BitMEX’s founder Arthur Hayes believes that Bitcoin’s value proposition is enhanced by the faltering banking system.
• He states that the Federal Reserve will fail if it continues to follow the same playbook, due to increased debt levels.
• Hayes believes Bitcoin’s value lies in its ability to counteract a ‚flawed, corrupt, and parasitic‘ fiat system.
BitMEX’s Arthur Hayes: Bitcoin is Antidote for ‘Flawed, Corrupt, Parasitic’ Fiat Banking System
BitMEX founder Arthur Hayes has recently expressed his opinion on the Federal Reserve’s monetary policy and how it can benefit crypto such as Bitcoin.
Fed Chairperson Jerome Powell’s Stance on Inflation
Fed chairperson Jerome Powell has been at the receiving end of significant backlash for his stance on implementing the same approach that helped the US get rid of inflation several decades ago. This strategy has been strongly contended by BitMEX founder Arthur Hayes while pointing out the difference in economic and monetary conditions in the US today from what they were in 1980.
Hayes said that Fed is doomed to fail if it continues to run the same playbook, particularly given that current debt profile is four times larger than it was over 40 years ago.
Bitcoin’s Value Proposition Enhanced By Faltering Banking System
The mishaps in fiat sector can benefit crypto such as Bitcoin. In fact, Hayes is of opinion that Bitcoin’s value proposition lies in asset’s ability to counteract a fiat system which he describes as “flawed, corrupt and parasitic“ in nature.
„Kite or Board“ Blog Post
In his latest blog post titled „Kite or Board,“ Hayes pointed out that Federal Reserve plans to tighten monetary policy by raising interest rates and reducing its balance sheet essentially means more stimulus will be handed to rich asset holders.
He added that Feds want to control both quantity and price of money but according him quantity of money is more important. He also noted people who holds large amount of assets will be benefited from this move.
Hayes statedBitcoin’s value proposition grows stronger as banking system falters. He further added Bitcoin antidote for ‚flawed, corrupt and parasitic‘ fiat banking system.