One can think and say the “right things” about transforming the financial system, but regardless of whether Harris or Trump becomes the next U.S. president, they will face resistance from TradFi. This was stated by former BitMEX CEO Arthur Hayes in an interview with DL News.
The entrepreneur noted that all cryptocurrency companies’ donations to any candidate pale in comparison to the funds directed to their support by JPMorgan, Morgan Stanley, Citibank, Goldman Sachs, and others. Moreover, all federal agencies are staffed by alumni from such organizations.
According to the former BitMEX CEO, he discovered bitcoin after the collapse of Lehman Brothers. At that time, he gave up hope for large bonuses as a trader at Deutsche Bank in Hong Kong.
“The white paper resonated with me in terms of my true philosophy — the corruption of the banking system and how terrible it is,” he shared.
In the election race, Hayes prefers Trump but doubts he will be able to change the direction of regulatory policy.
Any successor to Biden will be forced to “print money.” The difference will only be in the details, the expert is convinced.
“Cryptocurrency will grow — the path may be very winding, but in the end, we know where it is going,” he assured.
The former BitMEX CEO described the decisions of the SEC and its head, Gary Gensler, as political. He considers him a smart specialist and a “fool” in the administration. Replacing the official will not be an event unless the entire list of regulations he follows is reviewed.
Hayes called the creation of a bitcoin reserve unrealistic even if Trump wins. Hypothetically, this could lead to a weakening of the dollar and rising gold prices, but it could complicate tasks for the Fed and the U.S. Treasury, he pointed out.
In the specialist’s opinion, the administration would rather buy precious metal than the first cryptocurrency.
A decade after delving into digital assets, he sees that the emergence of players like BlackRock and Franklin Templeton in the industry has not changed its original spirit.
“It still has the energy of a very diverse group of people around the world. They come either from the financial or technological sector and want change,” the expert explained.
Hayes reminded that holders of BlackRock’s BTC-ETF own not bitcoin, but its derivative.
“It’s a sexy product for people because it’s simple, but it’s not cryptocurrency,” he clarified.
In conclusion, the former BitMEX CEO reiterated his positive expectations regarding the price of digital gold.
“It will be very, very high. Hundreds of thousands of dollars, maybe $1 million. There is so much debt that needs refinancing. A period is starting when the global currency architecture is completely changing. We don’t know what it will be, but the people who have benefited the most over the last 80 years will strongly resist change,” he concluded.
Previously, Hayes called bitcoin a more reliable safe-haven asset than gold due to the absence of national control.
Earlier, the expert predicted the growth of the first cryptocurrency to $70,000 by the end of summer.