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In his last essay Entitled “The Genie”, Crypto entrepreneur and former BitMex CEO Arthur Hayes looked up for a Bitcoin Strategic Reserve (BSR) of the United States, warning that such a program would create “unnecessary pain in less than two years” and the biggest cryptocurrency From the world would transform into a world of powerful political weapon. Hayes also warned the industry against the pursuit of what he is as too complicated “Frankenstein Crypto Regulatory Bill”, which, according to him, would first of all benefit large centralized institutions instead of promoting true decentralization.
A “terrible idea” for Bitcoin?
Hayes doubts both the feasibility and the long-term consequences of setting up a national Bitcoin stock. He argues that the US government would be motivated by politics instead of a healthy financial strategy, which may lead to manipulation of the Bitcoin market.
According to him, a BSR threatens to become a mechanism for politicians to raise money for non -related agendas: “Let’s assume that Trump is able to create a BSR. The government buys a million bitcoin, as proposed by the US Senator Lummis. Tree! The price goes crazy. Then the buying ends and the up-all-trend channel stops. “
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Hayes proposes a subsequent administration – a hostile to Bitcoin or Crypto in general – to liquidate this huge reserve. “What if [the Democrats] Do you have a veto-proof majority in the House of Representatives? In 2028, which won the elections as a democrat … finding easy piles of cash to spend on goodies for their supporters is the first guideline. There is a million bitcoin that is just ready to be sold … The market would rightly be scared when and how this bitcoin would be sold. “
Another of Hayes’ most important statements is that regulations formed by special interests inadvertently can accidentally suppress the innovation that it wants to promote. According to Hayes, large scholarships and financial intermediaries with the means to influence legislators more often have the results of regulatory results.
This, he suggests, will burden smaller innovators and strengthen the position of large centralized players: “The crypto -regulatory wishes that are probably granted … will be in the form of exaggerated, prescriptive rules that only large and rich centralized companies will be Can afford … Is that what the wider cryptoma community actually wanted from the genius? … Maybe those readers who are shareholders of Coinbase and BlackRock want a crypto Bill from Frankenstein. But I believe that this type of regulation does nothing to change the status quo. “
An alternative proposal
Instead of a BSR, Hayes proposes a more radical and complex financial arrangement with the American treasury, Bitcoin and “century bonds” (100-year-old zulcouponbligations). His idea is that the US unilaterally devaluating its existing Treasury obligations by announcing that Bitcoin will replace sovereign debt as the neutral global reserve assets.
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The plan, in his own words, would entail a public statement by the US Minister of Finance Scott Bessent, explaining the intention to use Bitcoin as a reserve assets while retaining the US dollar as the invoicing valuta. After that, the dollar would undergo a progressive devaluation, in which the American treasury who offered Bitcoin for higher prices, while spending century bonds are issued instead of immediate cash payments.
The next step would increase the term of the debts of the treasury, whereby the Treasury Bitcoin sells with a profit to buy back and retire a shorter term, so that we ultimately pushed the duration of the American debts up to 100 years . Moreover, the global USD acceptance would be accelerated by means of stablecoin transfers on social media platforms such as Facebook and X, so that everyday users can participate in American bond markets -enduring conventional bank intermediaries.
“That is it for financial history … The extra new goal is to turn Bitcoin into the global neutral reserve currency,” Hayes explains. He believes that such a strategy could restore our hegemony by switching from the traditional “petrodollar” or “treasury-based” system to an anchored in Bitcoin, all, while large parts of Bitcoin’s mining activities remain within the American boundaries.
In a more warning afterword, Hayes emphasizes that crypto voters played a remarkable role in giving back Donald Trump and the Republican party to power. Nevertheless, he emphasizes the slow pace of the action in the field of crypto issues, which contrasts with the rapid implementation of the administration of rates and reversing environment, social and governance (ESG) mandates.
“If Trump wants to act, he acts … The removal of ESG and DEI policy … came quickly … That is a shame because the margin in the margin is placed the voter with one edition [the Republicans] In power. “
He also repeats his prediction that Bitcoin could see a sharp correction up to a reach of $ 70,000 to $ 75,000 before he gets higher in the long term if there is no immediate, concrete legislation that is in favor of permissionless innovation or further monetary incentive.
For the time being, Hayes is calling for “that day after day in line dressed in a SERSUCKER -SUPPAK or Blokhakken and a summer dress in the hope of the orange genius to ask a wish” to think carefully: “Staping Sat is my game, and I am therefore at the table of the genius … please the right things.
At the time of the press, BTC traded at $ 98,190.
Featured image made with dall.e, graph of tradingview.com