Bitmex Founding Partner Arthur Hayes rejected the US Bitcoin reserve idea as a political -guided and practical concept. Hayes argued that the stocketing of the crypto currency by the state would serve political interests rather than financial stability.
Arthur Hayes: Bitcoin reserve can be a political tool!
Bitmex Founding Partner Arthur Hayes wrote that politicians have acquired existence for short -term earnings by writing “whatever can be sold if it can be purchased”. Some of them see Bitcoin as the “most difficult” form of money, but pointed out that the US government has no basic economic use for Bitcoin. Instead, he argued that political leaders would benefit from price fluctuations to serve their own agenda instead of adopting Bitcoin’s ideological foundations.
Hayes criticized Senator Cynthia Lummis’s proposal for Bitcoin reserve, and argued that if President Trump allowed one million BTC purchase, prices would rise temporarily, but he would stop when the purchase stops. In addition, if the president did not deal with great voter concerns such as inflation, external conflicts and corruption, the Democrats foresee that the democrats could regain power in 2026. If they do this, they will see the Bitcoin reserve as a suitable fund source and sell new policies to finance it. According to him, this will create uncertainty about the future of the BTC in the hands of the government and shake the confidence in the market.
” Bitcoin reserve becomes a means of gathering a campaign donation “
Arthur Hayes also questioned whether the administration would be interested in Bitcoin beyond keeping Bitcoin as a passive being. “Will they run the nodes? Will they sponsor developers? Or will they behave just like a reward? ” he asked. Moreover, Hayes accused Trump’s team of using Bitcoin’s volatility to achieve political gains. He also argued that the reserve could become a means of donation collection.
Kriptokoin.comAs you have followed, the discussions on a federal Bitcoin reserve gained momentum after the President announced a sovereign asset fund. Senator Cynthia Lummis also implied that it can be used to buy Bitcoin. The estimation market platform Polymarket is currently the probability of a US Bitcoin reserve before the end of 2025.
Another point of criticism: regulatory complexity
Hayes also spoke about the crypto arrangement and condemned the bill he calls the Frankenstein Crypto Draft ”. He argued that any new framework would probably be extremely complex and prescriptive, and that it would only be in favor of the biggest players who can meet high compliance costs in the sector. He said that investors with great shares in central finance companies have the highest probability to print for regulation because they have the effect of shaping the policy in their favor. In contrast, developers in the field of decentralized finance (defi) lack the sources that will lobby for their own interests.
Arthur Hayes said that compliance with the legislation will only be suitable for companies with deep pockets such as Coinbase and Blackrock and will strengthen monopolies instead of competing. In addition, systemic institutional interests will suffocate innovation and prevent smaller players from being successful, warned entrepreneurs to the United States for clarity.
