Arthur Hayes, co-founder and former CEO of crypto exchange Bitmex, predicts bitcoin could surge to $1 million, driven by President Trump’s interventionist economic policies. In a blog post published on Monday, Hayes argued that Trump’s administration will likely inject trillions in credit to boost domestic industries. He suggested this credit creation, intended to bolster manufacturing and industrial expansion within the U.S., will have inflationary effects, depreciating the dollar and prompting investors to seek alternative assets like bitcoin. Hayes foresees these conditions creating an environment where bitcoin’s limited supply could push its value to unprecedented levels.

Explaining his strategy, Hayes wrote: “Obviously, the hierarchy of my portfolio starts with bitcoin, other cryptos, and crypto-related company equity, then gold held in a vault, and finally, stonks. I’ll keep a small float of filthy fiat in a money market fund to pay my Amex bill.” He emphasized that Trump’s economic policies will further boost demand for hard assets, with bitcoin leading as the preferred inflation hedge. He asserted:

This is how bitcoin goes to $1 million.

“As the freely traded supply of bitcoin dwindles, the most fiat money in history will be chasing a safe haven from not just Americans but Chinese, Japanese, and Western Europeans. Get long, and stay long,” he added. “If you doubt my analysis of the impact of QE for poor people, just read up on the Chinese economic history of the past thirty years, and you will understand why I call the new economic system of Pax Americana, “American Capitalism with Chinese Characteristics.”

Hayes also highlighted the potential scope of this credit expansion, speculating that bitcoin and the broader crypto market could mirror the rapid growth seen during the pandemic. “Therefore,” he said, “we can expect that bitcoin and crypto will perform as well, if not better, than they did from March 2020 until November 2021.”

He concluded by questioning, “The real question is, how much credit will be created?” Hayes emphasized that the magnitude of this shift could drive BTC to new highs, with global investors turning to it as a safeguard against fiat currency debasement.

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