{"id":90201,"date":"2025-08-21T13:00:41","date_gmt":"2025-08-21T13:00:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=90201"},"modified":"2025-08-21T13:00:41","modified_gmt":"2025-08-21T13:00:41","slug":"bitcoin-to-15-million-possible-once-powell-is-out-says-arthur-hayes","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=90201","title":{"rendered":"Bitcoin To $15 Million Possible Once Powell Is Out, Says Arthur Hayes"},"content":{"rendered":"

Arthur Hayes believes the long arc of US policy now points toward money creation on a scale that could push Bitcoin into \u201cmulti-million\u201d territory\u2014and, in a more extreme scenario, as high as $15 million per coin. In a wide-ranging interview hosted by CoinFund\u2019s Chris Perkins, the BitMEX co-founder and noted macro commentator tied the path of Bitcoin explicitly to a looming political and institutional showdown at the Federal Reserve, arguing that Jerome Powell can delay<\/a>\u2014but not ultimately prevent\u2014the return of aggressive stimulus under a Trump administration.<\/p>\n

Bitcoin To $15 Million Possible Under Trump?<\/h2>\n

From Jackson Hole<\/a>, where markets are braced for Powell\u2019s remarks, Hayes framed the near-term setup as a test of the Fed chair\u2019s pride and independence in the face of overt political pressure. \u201cSupposedly Powell is this Volcker 2.0\u2026 Do I think there\u2019s a high probability that Powell sticks it out and just says f*** you to Trump and doesn\u2019t cut just because he\u2019s a human and human beings don\u2019t like to be put in these sort of situations? Yes,\u201d Hayes said.<\/p>\n

He added that while \u201cultimately the Fed will cut at some point,\u201d the chair may refuse to signal imminent easing now precisely to demonstrate autonomy: \u201cWhat a better way to prove that you are an independent monetary actor than to say no, I\u2019m sticking with my guns.\u201d<\/p>\n

That posture, however, only postpones what Hayes sees as the inevitable: an overtly inflationary policy mix once Powell is replaced or overruled. \u201cTrump and Scott Bessent<\/a> have laid out exactly what they want to do. Run it hot, inflationary,\u201d he said, using the interview to expand a thesis he plans to publish next week on how Washington could weaponize stablecoins to finance the state while marginalizing the Fed\u2019s control over front-end rates. In a line that doubles as both meme and policy critique, Hayes previewed his framing: \u201cI changed the meme\u2026 it\u2019s going to say it gets, you know, it puts the dollars on its skin or it gets the sanctions again.\u201d<\/p>\n

Hayes contends the policy lever is straightforward: pull trillions sitting in the offshore eurodollar system into on-chain dollar stablecoins by withdrawing de facto guarantees for non-US bank branches and by deputizing US big-tech platforms to distribute yield-bearing dollar accounts globally\u2014backed by Treasury bills. He estimates the total addressable pool at $10\u201313 trillion from eurodollars alone, with additional \u201cforeign retail deposits\u201d across emerging markets.<\/p>\n

Once that capital sits in stablecoins, he argues, the Treasury can place bills \u201cat whatever price [it] wants, unconstrained by what Powell or whoever his successor does,\u201d effectively neutering Fed funds while creating a \u201csink of tens of trillions of dollars\u201d to finance deficits. The geopolitical enforcement mechanism, in his telling, is blunt: deny access to US financial rails\u2014or sanction foreign elites\u2014if local regulators resist.<\/p>\n

The market impact, he says, is unambiguously bullish for crypto. With on-chain dollars paying a modest yield, users can frictionlessly move into basis-trade tokens, spend with crypto cash cards, and post stablecoins as collateral across DeFi. \u201cTVL\u2026 should go into the tens of trillions pretty quickly if\u2026 US monetary authorities follow through on this national policy of pro-stablecoin and let\u2019s shove dollars to all these places in the world.\u201d<\/p>\n

Against that backdrop, Hayes places Bitcoin at the apex of the risk spectrum. He calls it \u201cthe best performing asset in human history since it launched in 2009,\u201d and rejects the idea that latecomers have missed the move: \u201cI wouldn\u2019t say that just because you\u2019re coming in at 2025 and Bitcoin\u2019s at 120,000 or whatever it is that you\u2019ve missed the boat. We still have a long way to go.\u201d<\/p>\n

Pressed on price, Hayes links the $15 million figure to a particular personnel outcome at the Fed: \u201cIf that guy [Zervos] gets in, you know, Bitcoin will be at like 15 million because he\u2019s just going to do yield curve control, you know, printing money, immediate 300 basis point cuts.\u201d<\/p>\n

While not a base case, the scenario illustrates his conviction that the political economy points to structurally looser policy\u2014and structurally higher Bitcoin. In the immediate term, Hayes remains fully invested and is prepared to buy weakness around Jackson Hole. \u201cIf\u2026 Powell\u2026 doesn\u2019t talk about cuts at all and market tanks 15\u201320%, I\u2019ve got some extra cash and I\u2019ll be going shopping.\u201d<\/p>\n

At press time, BTC traded at $113,569.<\/p>","protected":false},"excerpt":{"rendered":"

Arthur Hayes believes the long arc of US policy now points toward money creation on a scale that could push Bitcoin into \u201cmulti-million\u201d territory\u2014and, in a more extreme scenario, as high as $15 million per coin. In a wide-ranging interview hosted by CoinFund\u2019s Chris Perkins, the BitMEX co-founder and noted macro commentator tied the path […]<\/p>\n","protected":false},"author":0,"featured_media":90202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-90201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/90201"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=90201"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/90201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/90202"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=90201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=90201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=90201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}