Former BitMEX CEO Arthur Hayes opened the show at CoinDesk’s Consensus 2026 conference. In his presentation titled “Fiat Liquidity Is More Important than Politics,” Hayes discussed the impact of central bank money printing on the price of Bitcoin.
Mr. Hayes used the following expressions in his speech:
“When the Fed’s balance sheet swelled to about $7 trillion, the price of Bitcoin skyrocketed.”
Hayes acknowledged that many altcoins may lose value over time, but insisted that this does not mean the end of the industry.
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According to Hayes, about 99% of altcoins on the market could disappear. However, this does not mean that the cryptocurrency ecosystem will collapse. Hayes compared this process to historical financial markets, specifically the S&P 500 index. He noted that since 1929, approximately 98% of the companies included in the index have been eliminated or reallocated, and said this is a natural market cycle.
The experienced investor said that this process, which is called “productive destruction” in the market, also applies to crypto assets. Hayes said weak projects will be weeded out over time, while strong, innovative projects will come to the forefront and the ecosystem will continue to develop. Hayes argued that the altcoin ecosystem will not disappear completely, but rather will continue to exist through constant transformation.
*This is not investment advice.
