Hayes Backs Bitcoin Over US Bonds, Warns on Stablecoins
Former BitMEX CEO Arthur Hayes says Bitcoin outshines US bonds, which now have high opportunity costs and low real yields under inflation. He warns that heavy Treasury issuance will lock up liquidity and push Bitcoin lower, forecasting a short-term dip toward $90,000–$95,000 as bonds absorb deposits via bank-issued stablecoins. Major banks are using stablecoins as a liquidity weapon, buying government debt off the Federal Reserve’s balance sheet in a shadow quantitative easing. Hayes views any pullback near $90,000 as a Bitcoin buying opportunity before a stablecoin-fueled rally. He advises reallocating capital from US bonds into high-growth assets such as Bitcoin and the Nasdaq. Looking ahead, Hayes retains a long-term Bitcoin target above $1 million by 2028 and urges traders to monitor stablecoin regulation and Treasury flows for market signals.
Bullish
Hayes’s forecast of a short-term Bitcoin dip followed by a stablecoin-driven rally suggests a bullish outlook. His long-term target of over $1 million by 2028 and recommendation to shift capital from low-yield US bonds into Bitcoin support increased buying pressure. The use of stablecoins as a liquidity weapon and shadow quantitative easing is likely to unlock fresh funds that will flow into Bitcoin, fueling upward price momentum.