BitMEX co-founder Arthur Hayes has stirred controversy with a new article suggesting that former President Donald Trump’s potential economic policies could lead to a dramatic depreciation of the US dollar and send Bitcoin soaring to the $1 million level.
Arthur Hayes: Trump's Economic Policies Could Weaken Dollar, Push Bitcoin to $1 Million
Hayes suggests that if Trump returns to office, he could implement economic strategies similar to the Chinese model by expanding the money supply to spur rapid economic growth.
Hayes theorizes that the Trump administration will likely enact legislation aimed at reviving domestic manufacturing and encouraging businesses to shift production back to the U.S. That model could expand the money supply, putting further downward pressure on the dollar, Hayes said.
A weaker dollar would increase the appeal of alternative assets, particularly Bitcoin, as investors seek to hedge against inflation and potential currency devaluation, according to Hayes.
The former BitMEX CEO has frequently discussed the impact of macroeconomic policies on digital assets, and with his latest article, he reinforced his long-held belief that Bitcoin is a hedge against the devaluation of fiat currencies.
The possibility of a dollar depreciation, combined with a revival of manufacturing and an increase in the money supply, could push Bitcoin to previously unimaginable price levels.
Hayes’ analysis suggests that as the United States enters a period of high economic and political change, Bitcoin’s appeal could grow and it could become a central part of discussions about the future of alternative assets.
*This is not investment advice.
