According to BitMEX co-founder Arthur Hayes at Inside the Blockchain 100, he is not adding to crypto positions with fiat cash despite being heavily long Bitcoin, and is instead waiting for a clear signal that central banks — particularly the Federal Reserve — will restart large-scale monetary expansion. Hayes cited two potential catalysts: escalation in the US-Iran war forcing Treasury market intervention, and AI-driven displacement of knowledge workers triggering consumer credit defaults that could destabilize the banking system. He attributed Bitcoin's roughly 50% decline from its $126,000 peak to insufficient broad money creation, and said $60,000 is the critical near-term support level to watch. Hayes acknowledged his prior $200,000 price targets were wrong for the same reason: "Central banks simply didn't print enough money."