At the Bitcoin 2026 conference, Arthur Hayes stated that he is more concerned about the statements made by Federal Reserve Chair nominee Kevin Warsh regarding the balance sheet than the short-term interest rate trend, as this will affect dollar liquidity and the pricing of risky assets such as Bitcoin. Hayes believes that the market's expectation of Warsh being "hawkish" may be over-interpreted, and he anticipates that the Federal Reserve is more likely to adjust liquidity through asset swaps and other means, rather than weakening the US Treasury's debt issuance capacity.