In late 2025, Arthur Hayes, CIO of Maelstrom and co-founder of BitMEX, discusses his investment strategies and views on the crypto market. He emphasizes Bitcoin as the safest crypto investment due to its proven technology, while also engaging in "shitcoining" to increase Bitcoin holdings. Hayes expresses a preference for US dollar stablecoins over other fiat currencies, particularly for those in countries with unstable economies, and notes that central banks view gold as a "real" asset. He anticipates a market peak around 2028 followed by a significant collapse in 2029-2030, presenting a buying opportunity. Hayes's investment framework prioritizes outperforming Bitcoin, targeting 10-100x returns within 2-3 years on early-stage crypto projects. He is currently cautious about new investments due to high prices, focusing instead on liquid assets and advisory roles, and expects good deals to return during the next market downturn. He also touches on EtherFi and Hyperliquid.
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