Arthur Hayes breaks down his macro framework for Bitcoin in this conversation with David Sencil at Bitcoin 2026 in Las Vegas.

Key topics:

- Why Bitcoin tracks global fiat liquidity

- Why this isn’t a true bull run yet

- The $145K level that matters

- AI as a potential credit shock

- How money printing and bank credit drive marketsHayes argues that Bitcoin’s price is ultimately tied to the expansion of fiat in the global system, not institutional narratives or short-term sentiment.

Chapters:

00:00 The Future of Crypto and Retail Involvement

03:02 Oil Markets and Economic Implications

05:52 Bitcoin's Performance and Economic Indicators

09:11 AI's Impact on the Economy

11:59 Liquidity and Monetary Policy

15:06 The Role of Stablecoins in Global Finance

18:00 The State of DeFi and Security Concerns

20:55 Market Sentiment and Future Predictions

Arthur Hayes IG - https://www.instagram.com/cryptohayes/LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/Substack - https://cryptohayes.substack.com/Web: https://www.cryptohayes.comX - https://x.com/cryptohayesMaelstrom Fund LinkedIn: https://www.linkedin.com/company/maelstromfundWeb - https://www.maelstrom.fundX - https://x.com/maelstromfund

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