De-dollarization and looming capital flight from the US will boost Bitcoin, says BitMEX founder Arthur Hayes
BitMEX co-founder and crypto veteran Arthur Hayes says a likely winner in the battle for US dollar dominance is Bitcoin (BTC).
In a new blog post, Hayes tells his 73,000 followers that China’s efforts to get other countries to move away from the dollar when trading certain commodities like oil is likely to see them try to diversify their holdings.
He says countries will likely eventually discover that Bitcoin is one of the best assets for storing value.
“As countries begin to look out for their own interests rather than serving as slaves to the Western financial system, central banks in the Global South will diversify how they save their international trade income. The first choice will be to increase the gold allocations, which are already underway. And as Bitcoin continues to prove that it is the hardest money ever created, I expect more and more countries to at least begin to consider whether it is a suitable means of saving alongside gold.”
Hayes predicts that there will come a time when there are “different currency blocs, but no global reserve currency hegemony” and “there will be less demand for US financial assets,” setting up Bitcoin for a key role.
“Don’t let the financial media present this as an either/or decision between the dollar and the yuan. Don’t let the hounds of empire convince you that because of certain “flaws” in the Chinese economy, there is no currency ready to dethrone the mighty dollar. They are playing in the wrong direction – in the coming years the world will trade in a multitude of currencies, then save when needed in gold, and perhaps sometime in the near future, Bitcoin.”
Bitcoin is trading at $27,305 at the time of writing, down 3.4% in the last 24 hours.
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