Arthur Hayes contends that the route to a million dollar Bitcoin is not merely an empty fantasy but rather a sensible reaction to the current state of the economy. Regardless of who is in charge, government deficits are skyrocketing. Whether it’s Biden’s seven trillion dollar deficit or Trump’s indications that he is already outspending, America’s spending machine is just getting faster.
According to Hayes, this makes the ideal conditions for Bitcoin to flourish. Bitcoin stands out as the best hedge as confidence in conventional systems declines and the dollar depreciates due to incessant money creation. And now that ETFs are in place and institutions are starting to pay attention, Bitcoin is beginning to take on the appearance of digital gold rather than just being a risky tech asset. A store of value in a world that is unstable.
But Bitcoin isn’t the only issue. According to Hayes, if the bull market picks up steam, people might start shifting their investments to Ethereum and other cryptocurrencies as the money printing argument becomes more compelling.
Ultimately, he isn’t claiming that governments will purchase Bitcoin directly just yet. They don’t receive any votes for that. However, they will continue to spend, stimulate, and print. And Bitcoin, Ethereum, and cryptocurrency in general may be among the biggest beneficiaries as that money floods the system. Although the financial system may not fall apart right away, it is rapidly evolving, and if Hayes is correct, the largest change in the way we store value is already taking place.
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