Arthur Hayes Doubts Trump’s Impact on Crypto Policy and Criticizes Financial Giants
Arthur Hayes has expressed skepticism about Donald Trump’s ability to drive significant crypto policy changes, despite Trump’s apparent support for cryptocurrencies.
Hayes, who began his finance career at Deutsche Bank during the 2008 financial crash, transitioned to the crypto space after witnessing the industry’s upheaval and heavy regulations.
Crypto Career and Views
The Bitcoin white paper profoundly influenced Hayes, leading him to co-found BitMEX and achieve substantial wealth. Despite facing legal challenges, Hayes believes the crypto industry is starting to resemble traditional finance, though it retains its dynamic and diverse character.
Trump’s Influence and Government Resistance
Hayes doubts Trump’s influence will overcome the entrenched interests of major financial institutions like JPMorgan and Goldman Sachs, which have significant sway over government policy. He anticipates continued money printing regardless of political leadership, which he thinks will ultimately benefit cryptocurrencies by driving up their value over time.
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Regulatory Issues and Bitcoin Reserve
Hayes views Gary Gensler as a symptom rather than the cause of regulatory issues, arguing that changing regulations is more crucial than targeting individuals. He is also skeptical about the U.S. establishing a Bitcoin reserve, believing such a move would face substantial political and economic hurdles. Hayes supports the idea of the U.S. diversifying its assets with Bitcoin and gold but doubts its feasibility in the near term.
Critique of BlackRock’s Role
Hayes criticizes BlackRock’s approach to crypto, suggesting that the financial giant’s involvement could undermine the core decentralized principles of cryptocurrency. He emphasizes that true crypto ownership is at risk of being diluted through traditional financial products.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
