Arthur Hayes, BitMEX Co-Founder, Says Ongoing Money Printing Could Sustain Crypto Rally Into 2026

BitMEX co-founder and Maelstrom CIO Arthur Hayes believes the crypto bull market has significant room to run, driven by ongoing global monetary expansion. Speaking with bitcoin and Web3 entrepreneur Kyle Chassé, Hayes emphasized that governments around the world are far from ending aggressive money-printing policies.

Focusing on the U.S., Hayes noted that former President Donald Trump’s potential second term could introduce substantial spending programs from mid-2026 onward. While he may consider taking partial profits if expectations for money printing become extreme, Hayes thinks investors are currently underestimating the liquidity that could flow into equities and crypto.

Hayes also highlighted geopolitical factors shaping his outlook. He cited the erosion of a unipolar world order as a key driver pushing policymakers toward fiscal stimulus and central bank easing. Additionally, he warned that potential strains in Europe, including a possible French default, could accelerate global money printing. While he acknowledged long-term risks, Hayes argued that the peak of this cycle has not yet arrived.

Turning to bitcoin, Hayes rejected concerns that the asset has stalled after hitting $124,000 in mid-August. He contrasted bitcoin’s performance with traditional assets, noting that U.S. stocks, real estate, and most technology giants lag behind when measured against gold—and especially against bitcoin.

Hayes stressed that patience is crucial for investors, noting that both traditional finance and crypto operate on the same premise: governments will print money when growth slows. While traditional investors leverage bonds, crypto investors hold bitcoin as a “faster horse.” He concluded that bitcoin’s true edge lies in long-term compounding rather than short-term gains, and with further monetary expansion likely through the rest of the decade, the current crypto cycle could continue well into 2026.

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