In Miami, FL — Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, asserts that regulation is unnecessary for cryptocurrency. His argument hinges on the observation that bitcoin’s valuation over time across various U.S. governments supports this view. According to Hayes, fiat liquidity—specifically the printing of more units of fiat money—is the sole factor influencing bitcoin’s value proposition.
Hayes conveyed his perspective at Consensus Miami 2026: “If you want to discuss Bitcoin’s price or its future valuation, it all comes down to today’s fiat units and how many will exist in the future. The speed of fiat creation is crucial,” he explained. Despite ongoing discussions about crypto regulation and its integration with traditional finance, Hayes noted that most conference attendees are primarily interested in seeing bitcoin’s value increase.
He emphasized that bitcoin’s price has surged from zero to its current trillions-dollar valuation. “The more money printed by the U.S. and globally, the higher bitcoin’s worth in fiat currencies,” he stated, attributing this trend to liquidity rather than political factors.
Despite his vibrant social media presence, Hayes is respected among traders for his insights. He foresaw the rise of AI-related tokens dominating 2024 and 2025 and supported Zcash (ZEC), which saw a rally exceeding 450% last year.
Reflecting on past U.S. administrations, Hayes identified key events like bank bailouts and increased money printing as catalysts for bitcoin’s value surge. More recently, COVID-19, stimulus checks, Biden’s New Green Deal, and the Ukraine conflict have elevated bearer assets like bitcoin and gold.
“Bitcoin’s worth lies outside regulatory frameworks,” he concluded, opposing initiatives such as the Clarity Act that aim to regulate it.