Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto - Ep. 813
Following Trump’s tariffs, Arthur Hayes expects a “fiat liquidity bonanza.” Plus, he reveals how his pardon came about.
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Show Notes
TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way.
Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including:
- Trump’s rationale for tariffs
- The possibility of a “fiat liquidity bonanza” and what it means for crypto
- What the Hyperliquid brouhaha reveals about decentralization dreams
- How Ethena might be an attack on Ethereum
- The value prop of Circle’s IPO
- Future price expectations for BTC, ETH, and SOL
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Guest:
- Arthur Hayes, CIO of Maelstrom
- Previous appearances on Unchained:
- How Arthur Hayes Has Prepared His Portfolio for the Elections
Links
Previous coverage on Unchained:
- Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
- Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
Tariffs, Hyperliquid, and $1 million Bitcoin
- Arthur Hayes on X: Tariffs = money printer goes brrrr
- Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis?
- Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid
- Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent
- DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge
Trump pardon:
- CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022)
- Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025)
- CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee
Timestamps:
👋0:00 Intro
😰 4:07 Does Trump’s tariff rationale make sense?
💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto
🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve?
💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream
💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work
⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago
👀 46:27 How Ethena’s Converge chain affects Ethereum
🤼♀️ 52:58 SOL vs ETH: Which is a better buy right now?
😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO
🤔 1:00:18 How does Hayes suss out potential investments?
📈 1:03:11 Price predictions on BTC, ETH and SOL
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