Arthur Hayes sees 2026 as a pure liquidity-driven cycle. As the Fed begins expanding its balance sheet again and credit conditions ease, dollar supply is set to rise. His view is straightforward: when more dollars enter the system, Bitcoin absorbs that excess liquidity.
This isn’t about new technology, hype, or changing narratives. It’s a macro money-flow thesis. If liquidity reverses to the upside, Bitcoin becomes the primary destination. #BTC
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