This episode explores the intersection of macroeconomic trends and cryptocurrency, particularly in light of Trump's "Liberation Day" tariffs. Against the backdrop of these tariffs and their potential impact on the global economy, Arthur Hayes, CIO of Maelstrom, discusses his perspective on the Federal Reserve's likely response and its implications for Bitcoin. More significantly, Hayes argues that the tariffs, while potentially disruptive in the short term, will ultimately lead to increased fiat liquidity, causing Bitcoin to decouple from traditional stock indices and appreciate in value. For instance, he predicts Bitcoin will reach $110,000 before $76,500, based on his analysis of global money supply dynamics. The conversation then pivots to the controversy surrounding Hyperliquid's handling of a market manipulation attack, with Hayes offering insights from his experience running a similar exchange. Finally, Hayes shares his views on the Trump family's foray into the crypto space and the potential implications for political campaign financing, concluding with his assessment of the Ethereum and Solana ecosystems and his investment strategy for Maelstrom.
