RE: Arthur Hayes All In On Bitcoin & Gold
Interesting times we are witnessing…here’s a good read on these times…
“BitMEX founder Arthur Hayes put out a thought-provoking piece on the company blog today. He talks about the effect of the COVID-19 crisis on the global economy and states that nothing will ever be the same again. ‘The USD fiction is over. It’s time for a new mental crutch.’ He’s opting for Bitcoin and gold–what will your fiction be?”
Hayes’ blog from the article… https://blog.bitmex.com/choose-your-fiction/
Great post and great read, all-around. Hayes pulls no punches in that blog piece. ***.
From the blog: All I know is the setup for bitcoin, the hardest form of digital money, could not be better. All manners of trust have evaporated. In order to solve for demand and supply destruction, governments will embark on the greatest fiscal stimulus binge the world has ever seen. It will not be paid for by tax receipts, it can’t be because 30% of the population is out of a job, it will be paid for by the printing press. The kicker is that, in order to hand money directly to the people, governments will have to digitise their currencies. That will educate the populace on digital money. Once they understand fiat digital money, they will seek out the hard version to avert the ravages of inflation. If you believed that Libra could educate the masses on the joys of digital currencies, just imagine when everyone on Basic spends their food stamps via a mobile app.