Hayes Urges Patience Amid Crypto Market Slump

While the crypto market stalls, Arthur Hayes tempers the prevailing impatience. The cofounder of BitMEX believes that criticisms directed at bitcoin ignore a fundamental lever : global monetary policy. In a recent interview, he suggests that continued money printing by central banks could extend the crypto bull cycle until 2026. This macroeconomic analysis contrasts with the widespread pessimism and invites investors to reassess their benchmarks.

An Endless Money Printing Machine as Fuel for the Bull Cycle

While many predict the crypto market crash, Arthur Hayes, cofounder of BitMEX, offered a clear macroeconomic reading in a recent exchange with crypto entrepreneur Kyle Chassé : “governments will continue to print money, and this will support cryptos well beyond 2025”, he asserted.

Contrary to recurring criticisms about bitcoin’s weak current momentum, Hayes invites adopting a broader market vision : “patience is required”, he insisted, reacting to frustration expressed by some investors facing the absence of spectacular gains.

To support his thesis, Hayes reveals several concrete macroeconomic points :

• Money printing remains massive worldwide, notably by major central banks (Fed, ECB, etc.), which seek to avoid a collapse of traditional markets ;

• This liquidity surplus creates a trickle-down effect toward alternative assets, especially those seen as protection against currency devaluation, such as bitcoin ;

• Crypto cycles no longer follow only the logics of halving, but are now closely linked to global macroeconomic dynamics ;

• Hayes rejects the short-term market interpretation, emphasizing that the current phase is structural consolidation, not a cycle end signal.

According to him, the global economic environment fuels an unprecedented scenario: a longer, more complex, but potentially more powerful crypto bull cycle than previous ones. This perspective requires revisiting traditional market analysis models.

Towards a Redefinition of Expectations and Investment Horizons

Beyond the macroeconomic observation, Hayes also tackles another common market flaw: the chronic impatience of crypto investors.

“People expect an immediate explosion after every macro or technical announcement. This is a misreading,” he emphasizes. For him, the current cycle no longer fits usual timeframes.

Market evolution, now influenced by exogenous factors like global monetary policy, requires strategic adaptation. This cycle could be much longer than anticipated and consequently demand more psychological and financial resilience from market participants.

Hayes also stresses that this extended timeframe could hold unexpected opportunities, especially for solid and undervalued alternative assets. While bitcoin continues to attract attention as a safe haven, overall market dynamics could, according to him, broaden toward other cryptos, particularly those addressing real utility or infrastructure issues.

However, he cautions against overconfidence, as excess liquidity can also generate speculative moves disconnected from fundamentals, with increased risks of sharp short-term corrections.

In this context, the prospect of a bull run extended until 2026 rather imposes a deep adjustment of strategies: lengthened investment timelines, rigorous project selection, and more controlled emotional management. Hayes invites placing the market within a global logic. Could such a lever then propel bitcoin towards one million dollars?