Arthur Hayes: Still believes BTC will retest $70,000-75,000, and needs to "demystify" the strategic reserve of Bitcoin

Odaily Planet Daily News: Arthur Hayes published an article today discussing the main wishes of many people in the global crypto industry regarding the establishment of a Bitcoin Strategic Reserve (BSR) and crypto regulation under the United States. He said: "Broadly speaking, many misguided crypto people want the US government to print money and buy Bitcoin as part of the national reserve and establish regulatory moats for crypto businesses in which it has an economic interest. I think these people are asking for the wrong thing. The fundamental problem with the government hoarding any asset is that they buy and sell assets primarily for political interests, not financial interests. Given the current structure of the global economic system, does Bitcoin itself have any role to play for the US government? No. Bitcoin is just another financial asset. For Trump, the motivation is to appease the voter base that helped him get into office. Suppose Trump is able to create the BSR. The government buys one million Bitcoins as suggested by US Senator Lummis. Then the price will go crazy. Then the purchase ends and the upward trend channel closes. Creating a BSR or a national reserve of junk coins (including XRP) will turn any cryptocurrency held by the government into a powerful political weapon. In addition, as a purely political strategy, will the US government meaningfully participate in community activities? Will they donate to sponsor Bitcoin core developers? Will they run nodes? Maybe... But from the way people talk about the BSR, it seems to me that this is a set-and-forget activity." Overall, the policy will change with changes in the political situation, thus affecting the original trend of Bitcoin. Arthur Hayes is equally pessimistic about the upcoming crypto bill: "Those building truly decentralized technologies and applications do not have the financial resources to play politics at this critical juncture in the cycle. The desire for cryptocurrency regulation may come true, and if it does, it will come in an overly complex, prescriptive form that only large, wealthy centralized companies can afford. Industry giants are trying to maximize shareholder value by creating a monopoly structure that is uniquely beneficial to their business. I believe this regulation will not change the status quo. Although it has no direct negative impact on the crypto industry, it is not positive either. For all the global entrepreneurs who have moved to the United States because the US government is friendly to cryptocurrencies, please note. If you acquiesce to such an outcome, your startup is doomed to fail." In the end, Hayes still believes that "Bitcoin will retest $70,000 to $75,000. Only if the Federal Reserve, the US Treasury, China, Japan, etc. print money in some form, or enact specific legislation that allows for permissionless cryptocurrency innovation. The cryptocurrency bill will benefit Coinbase, BlackRock, and stonk investors. But for those of us who are crypto degen “For the most part, this is not going to push the market to new heights. It’s not going to further the goal of decentralizing everything.”