Crypto's value is from being outside regulatory apparatus, says Arthur Hayes

All that matters for bitcoin’s value proposition is fiat liquidity, said Arthur Hayes, CIO of Maelstrom, at Consensus Miami 2026.

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.”

Miami, FL — Crypto doesn't need regulation – something that charting the price of bitcoin over successive U.S. governments clearly shows, according to the provocative co-founder of BitMEX and CIO of Maelstrom, Arthur Hayes.

Hayes’ thesis is simple: fiat liquidity – precisely, the printing of more units of fiat money – is the only thing that affects bitcoin’s value proposition.

“If you want to talk about the price of Bitcoin and what's the fair value, or what's the future price, all that matters is how many units of fiat are there today,” Hayes told the audience at Consensus Miami 2026. “How many units of fiat will there be in the future, and what's the pace of this fiat creation?”

While there’s a lot of talk about tradfi and regulators and crypto coming together and having this “bastard child,” the majority of people who attend conferences like Consensus want only to see the number go up, Hayes said. But they forget what has made the price of Bitcoin go from from zero to however many trillions of dollars that it's worth today, he added, hammering his thesis home:

”The more money that is printed in the U.S. and around the world, the more value that bitcoin will have in fiat currencies," said Hayes. "And it's this liquidity part of the equation that really drives the price of bitcoin, and not anything to do with politics.”

Few executives in crypto maintain a social presence as lively, chaotic and strangely insightful as Hayes’. Behind the lapel-grabbing theatrics lies a track record that traders pay attention to. For instance, Hayes was early to the rise of several AI-adjacent tokens, a sector that dominated speculative flows throughout 2024 and 2025. He also championed Zcash (ZEC), which rallied more than 450% over the past year.

Looking back over the last few U.S. administrations, key factors can be picked out that greatly bolstered the value of bitcoin, Hayes said. This started with the bailing out of banks during the banking crisis and printing a lot more money, which sent bitcoin “off to the races.”

More recently, events like COVID, stimulus checks, Biden’s New Green Deal, and the Russian invasion of Ukraine have driven up the value of bearer assets like bitcoin and gold.

“This is the value that bitcoin provides outside of the regulatory apparatus,” Hayes said. “It's precisely the reason that it does not adhere to the regulatory regime that some of you wish to put it under with bills like the Clarity Act and other things.”

More For You

The partnership includes a strategic investment by Coinbase and is focused on expanding tokenized ETFs, credit, and structured products. 

What to know:

• Centrifuge was selected as Coinbase's preferred tokenization infrastructure, making it the default issuance layer for assets across Coinbase's ecosystem, including Base. 
• The partnership includes a strategic investment by Coinbase and is focused on expanding tokenized ETFs, credit, and structured products. 
• The first institutional assets are anticipated to launch on Base...

Ripple CEO Brad Garlinghouse says Clarity better than chaos as Senate hits key moment

43 minutes ago

Wall Street warns human-built markets can’t keep up with machine-speed trading

1 hour ago

From bitcoin mining to the Hill: AIP’s new fellow brings hands-on crypto experience to D.C.

2 hours ago

Jito Labs launches self-custody trading tool as activity heats up on Solana

2 hours ago

Coinbase taps Centrifuge as preferred tokenization backbone, takes equity stake

2 hours ago

Crypto.com’s high-rolling head of marketing to leave after almost six years

3 hours ago

Consensus Miami Day 1: Real-time coverage and highlights from on the ground

3 hours ago

Coinbase cuts 14% of staff as AI reshapes how crypto companies operate

5 hours ago

Crypto platform Bullish to buy Equiniti for $4.2 billion, building tokenized securities infrastructure

6 hours ago

Bitcoin crosses $81,000, ETH, SOL, DOGE steady as options desks bid on further price jump

11 hours ago

Bitcoin used to hate inflation. Now it might be the opposite

10 hours ago

Ripple to share North Korean threat intelligence with crypto firms

10 hours ago