Arthur Hayes says macro forces are turning bullish for crypto.
Speaking at Bitcoin Vegas 2026, he predicts Bitcoin could hit $125K by year-end, fueled by rising liquidity from wartime spending and U.S. banking deregulation.
The narrative is shifting—from AI-led credit tightening to inflation driven by defense expansion. Hayes also points to the ESLR adjustment, which could unlock $1.3T in lending and potentially expand into $4T in total credit, adding major fuel to financial markets.