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U.S. Government Won’t Buy Bitcoin for a Reserve, Says BitMEX co-founder Arthur Hayes

Published by
Sohrab Khawas

BitMEX co-founder Arthur Hayes has poured cold water on hopes of a United States Bitcoin reserve, casting doubt on Donald Trump’s crypto promises and warning of a possible sell-off tied to “Trump trades.” Hayes, known for bold takes, believes the US government may not buy Bitcoin for a strategic reserve, not because it lacks value, but because of politics and perception. 

Printing Money Won’t Save Bitcoin

Hayes explained the U.S. can’t justify printing money to buy Bitcoin while grappling with massive debt. He said the idea of elected officials approving such a move seems far-fetched, especially given the public image of “Bitcoin bros partying at clubs.” Even though the U.S. already holds around 200,000 BTC seized from criminal cases, Hayes doesn’t believe that holding will grow intentionally.

Trump, who recently signed an executive order to create a strategic digital asset reserve, might struggle to deliver on his crypto promises, Hayes noted. With only 12 months before midterms, he doubts there’s time to enact real change. “People are impatient because they’re desperate,” Hayes warned, adding that disappointment could trigger a brutal correction across Bitcoin and other so-called “Trump trades.”

Despite this, Hayes remains bullish on Bitcoin long-term. He expects the U.S. dollar will be devalued under Trump’s economic plan, possibly using gold as a reference. This could make Bitcoin more attractive globally. 

Hayes also believes a major crypto boost could come from China if Hong Kong ETFs open up to mainland investors, and even suggests EU governments may secretly buy crypto as inflation bites.

While he predicts Bitcoin could hit $1 million by 2028, Hayes stressed the path will be tough to attain. In the meantime, his playbook for a Bitcoin-led altcoin cycle remains the same, despite other analysts doubting it’ll repeat like 2021.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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