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According to Former BitMEX CEO and Maelstrom Fund manager Arthur Hayes, Bitcoin could deed $3.4 cardinal By 2028. That fig sits connected a concatenation of large assumptions astir recognition growth, indebtedness buying and argumentation shifts.
Hayes pins his math to an estimated $15.3 trillion successful combined Federal Reserve and commercialized slope recognition maturation done 2028, with the Fed buying 50% of caller Treasury indebtedness and slope recognition rising by $7.57 trillion.
How The Fed Could Shift
Hayes argues that power of the Fed matters much than usual. He says US President Donald Trump’s team, led by Treasury Secretary Scott Bessent, plans to reshape Federal Reserve argumentation done committee picks and regulatory pressure.
The program would request 4 seats connected the Board of Governors to plaything votes connected short-term rates by utilizing Interest connected Reserve Balances rules.
Source: Arthur Hayes, Crypto Trader DigestHayes points to Governors Bowman and Waller and the recently confirmed Stephen Miran arsenic imaginable allies, which helium says brings the Trump campy to 3 supporters.
He besides predicts unit connected Governor Lisa Cook, including a DOJ reappraisal of owe fraud claims that, Hayes says, could propulsion her retired by aboriginal 2026.
Reports accidental the medication aims to regenerate immoderate determination Fed presidents astir the February 2026 elections.
As promised “Four, Seven” discusses the Trump takeover of the Fed and is the corresponding effort to my KBW code this morning.https://t.co/NV2XQei69d pic.twitter.com/9NKC8uq7An
— Arthur Hayes (@CryptoHayes) September 23, 2025
Stablecoin Flows And Eurodollar Fallout
According To Hayes, the broader backing displacement would travel from Eurodollars and overseas deposits. He estimates $10-13 trillion could beryllium steered distant from offshore dollar deposits by threats to retreat US enactment during crises.
That money, positive different overseas holdings, forms what Hayes calls a $34 trillion excavation of non-dollar deposits that stablecoin firms could target.
Source: Arthur Hayes, Crypto Trader DigestHe expects compliant stablecoin issuers specified arsenic Tether—who parkland reserves successful US slope deposits and Treasury bills—to sorb overmuch of that flow.
Hayes goes further, suggesting societal media wallets could propulsion successful $21 trillion successful Global South retail deposits and that apps similar WhatsApp mightiness go a way for radical to clasp dollar-pegged stablecoins alternatively of section slope accounts.
Stablecoins And Treasury Demand
Hayes outlines a mechanics of demand. If depositors displacement into stablecoins that clasp Treasuries and slope deposits, request for short-term US insubstantial could go little price-sensitive.
He says adding astir $16.74 trillion successful European slope deposits helps physique a full addressable marketplace of astir $34 trillion for stablecoin conversion.
In that scenario, the Treasury could connection yields beneath Fed Funds and inactive find buyers—weakening cardinal banks’ hands overseas and giving Washington caller power implicit short-term rates.
Featured representation from Unsplash, illustration from TradingView
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