Arthur Hayes: Tariffs and Printed Money Boost Bitcoin

Key Takeaways

Arthur Hayes on U.S. tariffs

BitMEX co-founder Arthur Hayes voiced strong support for U.S. tariffs, calling them a necessary correction to global imbalances and a net positive for Bitcoin.

His remarks followed President Trump’s announcement of a 10% base tariff on all imports starting April 5, with steeper rates for countries like China (34%), the EU (20%), and Japan (24%).

Hayes’ enthusiasm for tariffs

Hayes said in an April 3 post on X:

Some of y’all are running scurred, but I LOVE TARIFFS. Global imbalances will be corrected, and the pain papered over with printed money, which is good for BTC.

Some of y'all are running scurred, but I LOVE TARIFFS, some chart porn to understand why.

Global imbalances will be corrected, and the pain papered over with printed money, which is good for $BTC. pic.twitter.com/jc5eZ2VIEa

— Arthur Hayes (@CryptoHayes) April 4, 2025

Economic disruption and the dollar

Hayes argued that such economic disruption weakens the U.S. Dollar Index (DXY) as foreign investors retreat from U.S. markets.

On April 3, the Nasdaq 100 suffered its largest single-day point drop in history—down 1,060 points—according to The Kobeissi Letter.

Predictions for the Yuan

He also predicted that China may allow the yuan to fall past 8.00 in response to the steep tariffs, a move that could drive Chinese investors toward Bitcoin as a store of value.

Market anticipations

Citing a steep drop in the two-year Treasury yield, Hayes suggested the market is already anticipating Federal Reserve rate cuts and a return to quantitative easing—conditions he sees as bullish for Bitcoin and gold.

Support from other analysts

Jeff Park of Bitwise echoed this view, saying on Feb. 3:

In a world of weaker dollar and weaker US rates… risk assets in the US will fly through the roof beyond your wildest imagination.