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Former BitMEX CEO Arthur Hayes opened the show at CoinDesk’s Consensus 2026 conference. In his presentation titled “Fiat Liquidity Is More Important Than Politics,” Hayes addressed the impact of central bank money printing on the price of Bitcoin.
Hayes used the following expressions in his speech:
“When the Fed’s balance sheet swelled to approximately $7 trillion, the price of Bitcoin skyrocketed.”
Hayes acknowledged that many altcoins could lose value over time, but argued that this doesn’t mean the end of the industry.
According to Hayes, approximately 99% of altcoins on the market have the potential to disappear. However, this doesn’t mean the cryptocurrency ecosystem will collapse. Hayes likened this process to historical financial markets, specifically pointing to the S&P 500 index. He noted that since 1929, approximately 98% of the companies included in the index have been eliminated or reassigned, stating that this is a natural market cycle.
The experienced investor stated that this process, referred to as “productive destruction” in the markets, also applies to crypto assets. According to Hayes, weak projects are eliminated over time, while strong and innovative projects come to the forefront, continuing the development of the ecosystem. Hayes argued that the altcoin ecosystem will not completely disappear, but rather will continue to exist through constant transformation.
*This is not investment advice.
coindesk.com