Arthur Hayes Comments on Cryptocurrency Market at Token2049
Arthur Hayes, the CIO of Maelstrom known for his accurate predictions, reiterated his confidence in the cryptocurrency market during his speech at the Token2049 event in Dubai. Hayes speculated that Bitcoin (BTC) 
$94,734 could reach $1 million by 2028, urging investors to “take long positions in everything.”
Expectations of Monetary Expansion
According to Hayes, the U.S. economy is poised for a phase resembling money printing once more. He highlighted that even during periods when interest rate hikes pressured the market, the U.S. injected $2.5 trillion in liquidity through its repo program. Hayes argues that a similar cycle is about to restart. 
Illustrating with the third quarter of 2022, Hayes recalled the significant fears in both traditional and cryptocurrency markets. Despite major collapses like FTX’s bankruptcy, the U.S. Federal Reserve supported the market indirectly, providing much-needed relief.
Recently, markets were shaken by U.S. President Donald Trump’s introduction of high tariffs on foreign trade partners. The suspension of tariffs for 90 days provided temporary relief. However, Hayes believes the tension in the market is not fully resolved.
“Time to Take ‘Long’ Positions in Bitcoin”
Hayes noted that Fed Chair Jerome Powell is unlikely to directly intervene to save markets, as he is not close to Trump. Nonetheless, he anticipates other players will step in. In particular, hedge funds operating on “relative value” may purchase U.S. Treasury bonds, injecting liquidity into the system.
The increase in liquidity, according to Hayes, will directly influence Bitcoin’s price. As investors seek safe havens, the trend toward cryptocurrencies could intensify, paving a strong upward momentum for Bitcoin. Hayes believes Bitcoin’s price could potentially hit $1 million by 2028 due to inevitable new waves of liquidity created by current policies. He emphasized that the time has come not for risk aversion but rather to “hold onto what you have.”
Throughout the event, Hayes frequently used the phrase “long everything,” implying this strategy not only for cryptocurrencies but also for stocks. He foresees upward movement across all asset classes. Hayes advised investors at the event, “Instead of succumbing to fear, see the present environment as an opportunity. Like in the past, liquidity could once again lift everything upward.”