Arthur Hayes Hails Bitcoin as Superior Safe-Haven Asset in Current Economic Landscape
BitMEX co-founder Arthur Hayes has hailed Bitcoin as a superior safe-haven asset in the current economic landscape.
In his latest blog post, Hayes delves into historical economic cycles and their implications for the present market environment, arguing that we are currently experiencing a local cycle of inflation.
According to Hayes, this makes Bitcoin a more attractive option than gold due to its independence from national control.
Hayes breaks down economic cycles into two categories: local and global.
During a local period, authorities often resort to financial repression to fund significant expenditures such as wars, resulting in inflation.
On the other hand, a global period is characterized by deregulated finance and promotes global trade, leading to deflation.
Hayes believes that the current economic landscape is marked by inflationary pressures and geopolitical tensions, indicating a local cycle.
One of the key factors contributing to this inflationary environment, as Hayes explains, is the shift from a unipolar US-dominated world order to a multipolar world order with emerging leaders like China, Brazil, and Russia.
As nations prioritize domestic economic stability, inflation becomes a pressing concern.
In light of this, Hayes argues that those who lack faith in the system and its governing entities turn to assets like gold or Bitcoin, which do not rely on the state for their existence.
“If you believe in neither the system nor those governing it, you invest in gold or another asset that doesn’t require any vestiges of the state to exist, like Bitcoin.”
Some good old fashion bull posting if ur sad and in need of hope for ur #crypto bags. https://t.co/AAVhACO83E
— Arthur Hayes (@CryptoHayes) July 2, 2024
Hayes emphasizes
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