Unchained

Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto - Ep. 813


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TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way.

Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including:

  • Trump’s rationale for tariffs
  • The possibility of a “fiat liquidity bonanza” and what it means for crypto
  • What the Hyperliquid brouhaha reveals about decentralization dreams
  • How Ethena might be an attack on Ethereum
  • The value prop of Circle’s IPO
  • Future price expectations for BTC, ETH, and SOL


  • Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

    Thank you to our sponsors!
    • Bitwise
    • HRF
    • Guest:
      • Arthur Hayes, CIO of Maelstrom
      • Previous appearances on Unchained:
      • How Arthur Hayes Has Prepared His Portfolio for the Elections
      • Links

        Previous coverage on Unchained:

        • Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
        • Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
        • Tariffs, Hyperliquid, and $1 million Bitcoin

          • Arthur Hayes on X: Tariffs = money printer goes brrrr
          • Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis?
          • Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid
          • Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent
          • DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge

          • Trump pardon:

            • CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022)
            • Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025) 
            • CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee 


            • Timestamps:

              👋0:00 Intro

              😰 4:07 Does Trump’s tariff rationale make sense?

              💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto

              🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve?

              💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream

              💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work

              ⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago

              👀 46:27 How Ethena’s Converge chain affects Ethereum

              🤼‍♀️ 52:58 SOL vs ETH: Which is a better buy right now?

              😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO

              🤔 1:00:18 How does Hayes suss out potential investments?

              📈 1:03:11 Price predictions on BTC, ETH and SOL

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              UnchainedBy Laura Shin

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