Arthur Hayes: AI Arms Race and Global Tensions Will Unleash Unlimited Fiat Printing — and a New Crypto Bull Run!

Arthur Hayes, co-founder of BitMEX and one of crypto's most closely watched macro voices, argues that the convergence of an accelerating AI arms race and rising geopolitical tensions is setting the stage for unlimited fiat money creation. In his view, governments competing for AI supremacy and military dominance will have no choice but to print their way through the bill — and that liquidity has to go somewhere.

For Hayes, that somewhere is crypto. The thesis is familiar but the catalyst stack is new: it's not just central bank dovishness or a debt ceiling crisis driving the next bull cycle, it's a structural, multi-front spending race that no single political cycle can reverse. When sovereign balance sheets expand without a hard ceiling, hard-capped assets like bitcoin historically absorb the overflow.

The macro setup Hayes is describing — fiat debasement pressure meeting a…