Arthur Hayes: The United States’ handling of CZ and Binance is ridiculous. Cryptocurrency is one of the most important developments in the history of human civilization.

Arthur Hayes, co-founder of BitMEX, wrote that the U.S. government’s treatment of CZ and Binance is absurd, and it only highlights the arbitrariness of state punishment. What this absurdity tells us is that cryptocurrencies are one of the most important political, financial, and technological developments in the history of human civilization. It is so transformative that in less than a decade, CZ can become one of the richest people in the world and Binance can be more needed for daily life than famous financial institutions that have been around for centuries. . Hayes also said that given that the U.S. dollar is the world’s largest funding currency, if credit prices fall, all fixed supply assets such as Bitcoin and gold will rise in terms of U.S. dollar fiat prices. An important part of this bullish macro pillar is that it does not require Chinese companies and high net worth individuals to purchase any Bitcoin. The fungible nature of global fiat credit will determine the marginal fiat dollar inflows into hard currency assets such as Bitcoin.