Bitcoin’s worth lies beyond regulatory control, according to Arthur Hayes
The core driver of Bitcoin’s appeal is fiat currency expansion, stated Arthur Hayes, Maelstrom’s CIO, during Consensus Miami 2026.
Key points to understand:
— Arthur Hayes argues that Bitcoin’s significance stems from its independence from regulatory frameworks.
— There’s considerable discussion about traditional finance, regulators, and crypto merging to form a ‘hybrid entity.’
Miami, FL — Bitcoin thrives without regulatory oversight, a trend evident in its price movements across multiple U.S. administrations, according to Arthur Hayes, the controversial BitMEX co-founder and Maelstrom’s CIO.
Hayes’ argument is straightforward: fiat liquidity, specifically the increased issuance of fiat currency, solely determines Bitcoin’s value.
«When discussing Bitcoin’s price, fair valuation, or future trajectory, the only factor that matters is the current volume of fiat currency in circulation,» Hayes explained to the Consensus Miami 2026 audience. «It’s about how much fiat will exist later and the rate of its creation.»r/>While many anticipate traditional finance, regulators, and crypto converging into a ‘mixed entity,’ most attendees at events like Consensus simply want Bitcoin’s price to rise, Hayes noted. Yet they overlook what propelled Bitcoin’s value from zero to its current trillions, emphasizing his core point:
«As more fiat currency is printed globally, Bitcoin’s fiat-denominated value increases,» Hayes stated. «It’s this liquidity dynamic that truly drives Bitcoin’s price, not political factors.»r/>Few crypto figures maintain Hayes’ vibrant, unpredictable, and unusually perceptive social media presence. Beneath his dramatic flair lies a history of shrewd investments. For example, Hayes was among the first to recognize the potential of AI-related tokens, a category that captured speculative attention in 2024 and 2025. He also advocated for Zcash (ZEC), which surged over 450% in the last year.
Examining recent U.S. presidencies, Hayes identified key events that significantly boosted Bitcoin’s value. This began with bank bailouts during the financial crisis and massive money printing, which sent Bitcoin «soaring.»r/>More recently, developments such as COVID relief, stimulus payments, Biden’s Green New Deal, and Russia’s invasion of Ukraine have elevated the worth of bearer assets like Bitcoin and gold.
«This demonstrates Bitcoin’s value outside regulatory frameworks,» Hayes said. «It’s exactly why it resists the regulatory control some hope to impose through legislation like the Clarity Act.»r/>