In an unexpected twist, US President Donald Trump has added Bitcoin to the US Strategic Reserve. His decision, however, has been met with skepticism by Arthur Hayes, CIO of Maelstrom and co-founder of BitMEX, who perceives it as a political tactic to attract crypto voters for the 2026 midterms and a superficial attempt to curb inflation.
Amid escalating US-China tensions and a resurgence of tariffs, Hayes proposes that Bitcoin might become a tool in this modern Cold War. He even suggests that China might already have the upper hand in Bitcoin accumulation.
The current buzz around Bitcoin, spurred by Bitcoin ETFs, institutional adoption, and political support, might lead one to believe that we’re in the golden age of the digital asset. But, Hayes offers a darker perspective, arguing that this mainstreaming could rob Bitcoin of its unique character, reducing it to yet another Wall Street asset.
Hayes doesn’t shy away from asserting Bitcoin’s distinctiveness, describing it as a “bearer asset with a finite supply that cannot be altered by government or central bank diktat.” When questioned about the survival of stablecoin issuers like Tether against big banks or regulatory crackdowns, he expressed confidence in Tether’s resilience, attributing it to its sizeable US Treasury securities holdings.
The recent inclusion of Bitcoin and other top altcoins in a government reserve sparked a question about whether this is a step toward a Bitcoin-based financial system or merely political theater. Hayes pointed out that Trump’s move could be aimed at securing the support of crypto investors for the upcoming 2026 midterms. However, he also noted that unchecked inflation could harm all Americans, and hence Trump is likely to restrict money printing to avoid driving Bitcoin prices to new heights.
Hayes also added a provocative twist to the conversation by suggesting that China’s local governments have been mining Bitcoin for years and may already have a larger reserve than the US.
As US-China tensions continue to rise and tariffs return, Bitcoin might become a strategic tool for countries to dodge financial sanctions. Hayes believes Bitcoin is becoming a key tool for economic resistance, potentially serving as the only financial connection between economically segregated blocs.
With global supply chains at risk due to tariffs and economic nationalism, Hayes suggests that the ensuing need for self-reliance in production could lead to an expansion in global fiat credit, thereby benefiting Bitcoin.
Despite El Salvador’s Bitcoin experiment, Hayes doubts any major economy will make Bitcoin its primary reserve asset, as it would mean surrendering their privilege of issuing their own currency.
When asked about the potential of meme coins to disrupt fiat systems, Hayes noted that they could redirect investment flows from traditional assets to whatever is trending in the metaverse. He added that this could interfere with the older generation’s plans to offload their financial assets to the youth.
Hayes anticipates a surge in meme coin wars during the 2026 midterm elections as a campaign financing tool. However, he also asserts that governments could push for adoption of their Central Bank Digital Currencies (CBDCs) by mandating tax payments in them, thereby securing their place alongside or in spite of meme coins.
When asked about potential shocks to the crypto market, Hayes warned of a possible world war, especially in the wake of escalating tensions between Europe (NATO) and Russia.
On the topic of AI and crypto, Hayes envisions a future where AI agents control all financial transactions, both on and off-chain. He predicts that humans will rely on AI for all their financial transactions, which will exist entirely on-chain in the near future.
The crypto world is evolving at a rapid pace, with influential figures like Arthur Hayes providing insightful predictions and analyses. As the political, economic, and technological landscapes continue to shift, the impact on Bitcoin and other cryptocurrencies will undoubtedly be significant.
