Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto - Ep. 813

TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way.
Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including:

Trump’s rationale for tariffs

The possibility of a “fiat liquidity bonanza” and what it means for crypto

What the Hyperliquid brouhaha reveals about decentralization dreams

How Ethena might be an attack on Ethereum

The value prop of Circle’s IPO

Future price expectations for BTC, ETH, and SOL

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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Guest:

Arthur Hayes, CIO of Maelstrom

Previous appearances on Unchained:

How Arthur Hayes Has Prepared His Portfolio for the Elections

Links
Previous coverage on Unchained:

Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags

Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven

Tariffs, Hyperliquid, and $1 million Bitcoin

Arthur Hayes on X: Tariffs = money printer goes brrrr

Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis?

Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid

Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent

DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge

Trump pardon:

CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022)

Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025)

CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee

Timestamps:
👋0:00 Intro
😰 4:07 Does Trump’s tariff rationale make sense?
💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto
🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve?
💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream
💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work
⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago
👀 46:27 How Ethena’s Converge chain affects Ethereum
🤼‍♀️ 52:58 SOL vs ETH: Which is a better buy right now?
😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO
🤔 1:00:18 How does Hayes suss out potential investments?
📈 1:03:11 Price predictions on BTC, ETH and SOL
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