BitMEX co-founder Arthur Hayes contends that the U.S. Treasury Department—not the Federal Reserve—holds predominant influence over Bitcoin’s global liquidity and market trajectory. Hayes positions the Treasury as the central architect of global liquidity dynamics, asserting its impact outweighs monetary policy decisions in shaping Bitcoin’s future.
He emphasizes that macroeconomic policies orchestrated by the Treasury substantially eclipse the Federal Reserve’s secondary role. Hayes further advises investors and analysts to prioritize Treasury-linked fiscal policy developments alongside monetary policy when evaluating Bitcoin’s market outlook.
This framework positions Treasury actions as critical indicators for assessing cryptocurrency liquidity trends and regulatory landscapes, urging market participants to recalibrate traditional monitoring approaches.