Arthur Hayes speaks on macroeconomics, the AI ​​bubble, and the future of the crypto market.

Co-founder BitMEX and influential voice in the digital asset industry Arthur Hayes acted on The Rollup podcast and shared his own macroeconomic analysis of the current situation. The editors Happy Coin News analyzed his statements to help understand how Japanese policy, the development of artificial intelligence, and the Federal Reserve's printing press will affect Bitcoin and leading altcoins.

Hayes believes Japan is the main catalyst for global changes in financial architecture. According to him, the Japanese government and its largest public pension fund have begun to change their strategy , abandoning foreign securities in favor of domestic assets.

This decision leads to a gradual unwinding of the so-called "yen carry trade," a long-standing strategy in which Japan served as a supplier of cheap liquidity for the purchase of foreign assets. Now, this large-scale process is reversing. The sell-off in US Treasury bonds and the inevitable return of capital to the Japanese economy are forcing American regulators to seek urgent ways to offset the emerging liquidity shortage.

To prevent a massive market collapse, the US will be forced to launch a new wave of money printing, and the popular narrative around artificial intelligence has become the perfect political cover for this. Politicians are using the AI ​​race as a justification for unprecedented spending, promising citizens that new technologies will enable the economy to leapfrog and eliminate the bloated national debt.

At the same time, Hayes expresses extreme skepticism about the true economic sustainability of most such tech startups. Analyzing the actions of the US government, the expert bluntly notes:

They just got some bullshit from Dario, Sam, and Elon and said, okay, we need a bunch of debt, government cover... AI will solve your problems.

He believes that when these overvalued labs face a lack of real profits, the government will be forced to bail them out with fresh infusions of freshly printed dollars.

This macroeconomic shift offers enormous potential for the cryptocurrency market. The global expansion of central bank balance sheets and the targeted devaluation of fiat currencies is precisely the environment Bitcoin was created to protect against in 2009. Hayes believes that the massive capital injection to cover malinvestments, whether from the subprime mortgage crisis or the current AI debt bubble, will inevitably lead to a rise in digital assets.

He admitted that Bitcoin could very well reach new all-time highs by the end of this year. However, he warned traders of high volatility during the US fall elections, as American politicians need to temporarily maintain the illusion of fighting inflation among voters.

To sum it up, readers Happy Coin News It's worth mentally and financially preparing for a turbulent, but potentially extremely profitable, macroeconomic cycle. The return of capital to Japan will inevitably provoke a powerful response from the US Federal Reserve in the form of implicit or explicit quantitative easing. The hype around artificial intelligence in this scenario serves merely as a convenient political smokescreen to justify new monetary emissions. In this complex reality, cryptocurrencies are once again preparing to fulfill their primary historical function—protecting investors' capital from erosion. Careful risk management, patience, and a clear understanding of macroeconomic processes will be your mainstay in the emerging bull market.