Bitcoin’s Value Relies on Staying Outside Regulatory Control, Says Arthur Hayes

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Crypto’s value is from being outside regulatory apparatus, says Arthur HayesFinance

What to know:

  • Bitcoin has value because it exists outside the regulatory apparatus, said Arthur Hayes.
  • There’s a lot of talk about tradfi and regulators and crypto coming together and having this “bastard child.”

According to Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, cryptocurrency doesn’t require government regulation. He argues that looking at Bitcoin’s price history alongside different U.S. administrations proves this point.

According to Hayes, the value of Bitcoin is solely determined by the creation of new fiat money – essentially, when governments print more money.

As an analyst, I’ve been following Arthur Hayes’ insights closely, and his recent comments at Consensus Miami 2026 really struck me. He essentially argues that when trying to determine Bitcoin’s price – both its current value and future potential – the only thing that truly matters is the amount of fiat currency in circulation today, and how quickly that supply is growing. He believes the pace of fiat creation is the key driver of Bitcoin’s value.

Hayes pointed out that despite discussions about traditional finance, regulations, and cryptocurrency merging, most people at conferences like Consensus are simply focused on Bitcoin’s price increasing. He emphasized that they often overlook the incredible growth Bitcoin has already experienced – going from virtually nothing to a multi-trillion dollar asset.

According to Hayes, as governments worldwide print more money, the value of Bitcoin, measured in traditional currencies, tends to increase. He believes this is primarily due to the overall availability of money in the system, rather than political factors, which are less important in driving Bitcoin’s price.

Arthur Hayes is a particularly active and often unpredictable voice on social media among crypto leaders, but his insights are often spot-on. He’s proven to be a successful trader, consistently identifying promising opportunities. For example, he recognized the potential of AI-related tokens early on – a trend that drove much of the market in 2024 and 2025 – and also recommended Zcash, which saw gains of over 450% in the last year.

According to Hayes, several actions by recent U.S. administrations have significantly increased Bitcoin’s value. Specifically, he points to the bank bailouts during the financial crisis and the subsequent increase in the money supply as events that triggered substantial growth for Bitcoin.

Recent events – including the COVID pandemic, government stimulus, proposals for a Green New Deal, and the war in Ukraine – have caused the price of assets like bitcoin and gold to increase.

According to Hayes, the true value of Bitcoin lies in its independence from government regulation. He explained that this is why it doesn’t fit neatly into existing or proposed regulatory frameworks, like those outlined in the Clarity Act.

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2026-05-05 18:35