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Maelstrom CIO Arthur Hayes said that the U.S. will need to increase dollar liquidity and this will help push bitcoin to $1 million by 2028.
Hayes expressed these views in a keynote speech at Token2049 in Dubai.

Maelstrom CIO Arthur Hayes expressed a bullish outlook on the crypto markets at Token2049 in Dubai.

“It’s time to go long everything,” he said in a keynote speech, referring to both crypto and stocks.

To support his view, Hayes laid out his oft-repeated argument that the U.S. will need to effectively print more money in a form similar to quantitative easing, something that he reckons could eventually push up crypto prices.

Hayes largely made a comparison between the current state of the market and the third quarter of 2022. He noted there were many reasons to be afraid of the state of the market then, such as the central bank hiking rates. In the crypto space, it was also just before the collapse of FTX. Yet, the U.S. intervened and pushed out $2.5 trillion through its repo program, he said.

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Similarly, in the current market, there are widespread concerns about the state of the economy following U.S. President Donald Trump's push for high tariffs on the country's trading partners. The initial announcement caused markets to crash, though there was some relief after the tariffs were paused for 90 days.

Hayes also said that Federal Reserve Chair Jerome Powell isn't a fan of Trump and is unlikely to intervene to help fix the markets. But he argued that even if the banking system wouldn't directly fund the repair, relative value hedge funds would fund it through Treasury buybacks. He said these hedge funds are likely to buy more debt and this would increase liquidity.

Through this, Hayes argued that the price of bitcoin could rise to $1 million by 2028.