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Arthur Hayes: ECB Crisis Could Ignite Bitcoin’s Next Surge

Key Takeaways

  • Arthur Hayes warned that France’s high debt could push the ECB to print more money, which would create favorable conditions for Bitcoin;
  • Hayes argued that capital flight in France will force massive euro printing, which may fuel Bitcoin’s price growth;
  • He concluded that regardless of when the ECB acts, money creation is inevitable, and Bitcoin will rise against a weakening euro.​

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Arthur Hayes: ECB Crisis Could Ignite Bitcoin’s Next Surge

Arthur Hayes, co-founder and former head of the cryptocurrency platform BitMEX $88.85K , has argued that upcoming challenges for Europe’s financial system may push Bitcoin to higher levels.

In a blog post titled Bastille Day published on October 1, Hayes highlighted France’s position in the Eurozone. Although it is the second-largest economy in the region, it also carries some of the highest levels of debt.

He noted that, to prevent a breakdown of the euro, the European Central Bank (ECB) will have no choice but to issue more currency.

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Hayes suggested that if people in France begin to move their savings, the ECB will be forced to expand the money supply further, and this could strengthen Bitcoin. He wrote, "The ECB will valiantly print money to forestall the loss of its raison d’être".

He went on to say:

It shall be a glorious day for the faithful as printed euros will combine with printed dollars, yuan, yen, etc, to bid up the price of Bitcoin.

According to Hayes, the central bank can either start financing French social programs now or later, when tighter rules on capital flows could place more pressure on the euro. In both cases, he expects massive currency creation.

He concluded, "Bitcoin doesn't care and will continue its inexorable rise versus the piece of trash that is the euro".

Hayes recently shared his thoughts on how Bitcoin investors should approach the market. What did he say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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