The co-founder of BitMEX and well-known person in the cryptocurrency space, Arthur Hayes, recently spoke with a reporter about a variety of subjects, including the future of Bitcoin and the possible effects of political shifts on cryptocurrencies.
According to Hayes, who started his career in finance in Sept 2008 on the Hong Kong trading floor of Deutsche Bank, the sudden demise of Lehman Brothers signalled a significant change in the financial industry. Hayes found Bitcoin at this period of change, which he claimed perfectly matched his beliefs about the dishonest financial system.
Ten years later, Hayes considers how, despite its vibrancy and diversity, the cryptocurrency market is beginning to resemble the established financial sector that it originally aimed to upend. Significant financial firms such as Franklin Templeton and BlackRock currently provide easily accessible cryptocurrency investing alternatives, while Fidelity is advocating for the inclusion of Bitcoin in US pension plans.
Hayes thinks that the essence of the cryptocurrency community has not altered, even in spite of its increasing level of popular acceptability. Speaking about the state of politics today, Hayes expressed doubt about the ability of elected officials to further the interests of Bitcoin.
He pointed out that the basic issues of state antagonism to cryptocurrency will persist whether Donald Trump or Kamala Harris wins the election. Hayes contended that powerful regulatory agencies and financial organisations pose serious challenges to any incoming government.
Bitcoin Strength In Economic Turmoil
Regarding Bitcoin and monetary policy, Hayes was unwavering in his conviction that the money supply will always increase, regardless of political leadership. He contends that Bitcoin will ultimately profit from this monetary inflation. Hayes is optimistic about the long-term possibilities of cryptocurrencies despite their volatility and accompanying hazards.
In reference to the SEC and its chairman, Gary Gensler, Hayes proposed that the larger regulatory framework—rather than Gensler personally—is the true problem. He objected to the emphasis placed on certain regulators rather than dealing with the structural problems with the regulatory framework.
In addition, Hayes discussed his thoughts on the notion of a Bitcoin reserve, pointing out that although it’s an intriguing idea, the current political and economic climate makes it extremely unlikely. The U.S. government is unlikely to give Bitcoin priority over gold, despite the fact that both Bitcoin and gold could provide a strategic benefit, in his opinion.
Nevertheless, despite the opposition to change from established financial institutions, Hayes remains upbeat about Bitcoin’s future prospects, driven by global monetary developments and high debt levels.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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