Episode notes
When the Treasury doubled its bond buyback out of the blue, the market read it as one thing: yield curve control by another name. Arthur Hayes joins host Spencer Nichols to walk through the mechanics, short-end issuance funding long-end buybacks, and what that implies for central bank balance sheets. His conclusion is simple. If the balance sheet expands, you want the asset most responsive to money printing, and he argues that asset is Bitcoin.
Arthur Hayes:
X - https://x.com/cryptohayes
Web - https://www.cryptohayes.com
Substack - https://cryptohayes.substack.com/
LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/
Instagram - https://www.instagram.com/cryptohayes/
Maelstrom Fund:
LinkedIn: https://www.linkedin.com/company/maelstromfund
Web - https://www.maelstrom.fundX - https://x.com/maelstromfund
Host: Spencer Nichols — Bitcoin Magazine
Arthur Hayes - CEO of FLOP Labs Quantum is coming.
Bitcoin isn't panicking.Neither should you.Get the latest issue of Bitcoin Magazine here:https://store.bitcoinmagazine.com
Chapters:
0:00 — The Fastest Horse: Why Money Printing Points to Bitcoin
1:18 — What Bessent's Bond Buyback Actually Was
3:04 — The Yen Intervention and the FIMA Repo Request
4:25 — Doubling the Buyback: Yield Curve Control in All But Name
8:19 — Buy Bitcoin, Not Bonds
9:20 — AI Absorbed the World's Credit, and Now Come the Questions
12:14 — How Steep Bitcoin's Path Looks From Here
14:43 — The Nuclear Option: Revaluing Gold on the Balance Sheet
22:12 — EUR/JPY and the Case for a Euro Breakup
29:04 — Why Strategy No Longer Moves Bitcoin's Price
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