U.S. Government Won’t Buy Bitcoin for a Reserve, Says BitMEX co-founder Arthur Hayes
Sohrab Khawas3 May 20253 min read
BitMEX co-founder has poured cold water on hopes of a United States Bitcoin reserve, casting doubt on Donald Trump’s crypto promises and warning of a possible sell-off tied to “Trump trades.” Hayes, known for bold takes, believes the US government may not buy Bitcoin for a strategic reserve, not because it lacks value, but because …
BitMEX co-founder Arthur Hayes Arthur Hayes at 100x Arthur Hayes is an investor and entrepreneur from the United States. He is the previous CEO of BitMEX, one of the top cryptocurrency derivatives exchanges globally. In 2014, he co-established BitMEX, facilitating cryptocurrency trading through leveraged Bitcoin futures. He is often seen sharing his insights and views on the Bitcoin market. He also backs crypto-related projects and helps them gain momentum with his advice on the market. Quick Facts Full name Arthur Hayes Birth 1985, Detroit, Michigan Nationality American Education Economics & Finance from the Wharton School of Business Marital status Married Net worth Estimated $500-700 million Hayes previously worked at Deutsche Bank and Citigroup. While working at these fintech firms, Arthur concentrated on establishing crypto derivatives as a common standard. In 2021, he encountered legal problems concerning BitMEX's compliance. Nevertheless, he settled the matter through legal means. Arthur Hayes - Timeline and Events 2016 – Launched the XBTUSD perpetual swap, revolutionizing crypto trading. 2018 – BitMEX became one of the largest Bitcoin trading platforms. 2020 – Faced legal scrutiny but remained a key industry figure. 2021 – Settled U.S. legal issues and stepped down as BitMEX CEO. 2022 – Focused on crypto investments and writing industry insights. 2023 – Advocated for Bitcoin adoption and decentralized finance (DeFi). 2024 – Continued shaping the digital asset space through investment and research. Arthur has collaborated with various blockchain experts and engaged with innovative startups for the growth of crypto and Web3 innovations. He continues to be an influential voice in the crypto space and shares his perspectives on Bitcoin, DeFi, and blockchain regulations. Useful Links to Connect With Arthur Hayes Platform Link X (formerly Twitter) https://twitter.com/CryptoHayes LinkedIn https://www.linkedin.com/in/arthur-hayes BitMEX Website https://www.bitmex.com Personal Blog https://cryptohayes.substack.com EntrepreneurInvestorChief Executive OfficerTrader has poured cold water on hopes of a United States Bitcoin reserve, casting doubt on Donald Trump’s crypto promises and warning of a possible sell-off tied to “Trump trades.” Hayes, known for bold takes, believes the US government may not buy Bitcoin for a strategic reserve, not because it lacks value, but because of politics and perception.
Printing Money Won’t Save Bitcoin
Hayes explained the U.S. can’t justify printing money to buy Bitcoin while grappling with massive debt. He said the idea of elected officials approving such a move seems far-fetched, especially given the public image of “Bitcoin bros partying at clubs.” Even though the U.S. already holds around 200,000 BTC seized from criminal cases, Hayes doesn’t believe that holding will grow intentionally.
Trump, who recently signed an executive order to create a strategic digital asset reserve, might struggle to deliver on his crypto promises, Hayes noted. With only 12 months before midterms, he doubts there’s time to enact real change. “People are impatient because they’re desperate,” Hayes warned, adding that disappointment could trigger a brutal correction across Bitcoin and other so-called “Trump trades.”
Despite this, Hayes remains bullish on Bitcoin long-term. He expects the U.S. dollar will be devalued under Trump’s economic plan, possibly using gold as a reference. This could make Bitcoin more attractive globally.
Hayes also believes a major crypto boost could come from China if Hong Kong ETFs open up to mainland investors, and even suggests EU governments may secretly buy crypto as inflation bites.
While he predicts Bitcoin could hit $1 million by 2028, Hayes stressed the path will be tough to attain. In the meantime, his playbook for a Bitcoin-led altcoin cycle remains the same, despite other analysts doubting it’ll repeat like 2021.
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