You can think and say the "right things" about transforming the financial system, but whoever becomes the next president of the United States, Harris or Trump, they will face opposition from TradFi. This was stated to DL News by ex-CEO of BitMEX Arthur Hayes.
The entrepreneur noted that all donations from cryptocurrency companies to one or another applicant pale in comparison with the funds that JPMorgan, Morgan Stanley, Citibank, Goldman Sachs and others sent to support them. In addition, all federal agencies employ people from similar organizations.
According to the ex-CEO of BitMEX, he got acquainted with bitcoin after the collapse of Lehman Brothers. Then he said goodbye to his hopes for big bonuses as a trader at Deutsche Bank in Hong Kong.
"The white paper caused a real resonance for me in terms of my true philosophy — the corruption of the banking system and how shitty it is," he shared.
In the election race, Hayes prefers Trump, but doubts that he will be able to deploy the vector of regulatory policy.
Any Biden replacement will be forced to "print money." The difference will be only in the nuances, the expert is convinced.
"The cryptocurrency will grow — the path may be very winding, but in the end we know where it is going," he assured.
The ex-CEO of BitMEX called the decisions of the SEC and its head Gary Gensler a policy. He considers him an intelligent specialist and a "cretin" in the administration. The replacement of an official will not become an event unless the entire list of regulations that he is guided by is reviewed.
Hayes called it unrealistic to create a bitcoin reserve even if Trump wins. Hypothetically, this could lead to a weakening of the dollar and an increase in gold prices, but it could complicate tasks for the Fed and the US Treasury, he pointed out.
According to the expert, the administration would rather buy the precious metal than the first cryptocurrency.
Ten years after the start of the development of digital assets, he sees that the emergence of players like BlackRock and Franklin Templeton in the industry has not changed its original spirit.
"She still has the energy of a very diverse group of people around the world. They come from either the financial or the technology sector and want changes," the expert explained.
Hayes recalled that holders of BlackRock's BTC-ETF do not own bitcoin, but its derivative.
"It's a sexy product for people because it's simple, but it's not a cryptocurrency," he clarified.
In conclusion, the ex-CEO of BitMEX recalled his positive expectations regarding the price of digital gold.
"She's going to be very, very tall. Hundreds of thousands of dollars, maybe $1 million. There are so many debts that need to be refinanced. A period is starting when the global monetary architecture is completely changing. We don't know what it will be, but the people who have benefited the most from the last 80 years will be very resistant to change," he concluded.
Hayes previously called bitcoin a more reliable safe haven asset than gold, due to the lack of national control.
Earlier, the expert predicted the growth of the first cryptocurrency to $ 70,000 by the end of summer.