Bitcoin At $3.4 Million? Arthur Hayes Thinks It’s Coming

According to Former BitMEX CEO and Maelstrom Fund manager Arthur Hayes Bitcoin could hit $3.4 million By ￰1￱ figure sits on a chain of big assumptions about credit growth debt buying and policy ￰2￱ pins his math to an estimated $15.3 trillion in combined Federal Reserve and commercial bank credit growth through 2028 with the Fed buying 50% of new Treasury debt and bank credit rising by $7.57 ￰3￱ Reading: These Analysts Predicted The Bitcoin Price Crash And Their Forecasts Say It’s Not Over How The Fed Could Shift Hayes argues that control of the Fed matters more than ￰4￱ says US President Donald Trump’s team

led by Treasury Secretary Scott Bessent plans to reshape Federal Reserve policy through board picks and regulatory ￰5￱ plan would need four seats on the Board of Governors to swing votes on short-term rates by using Interest on Reserve Balances ￰6￱ points to Governors Bowman and Waller and the newly confirmed Stephen Miran as potential allies which he says brings the Trump camp to three ￰7￱ also predicts pressure on Governor Lisa Cook including a DOJ review of mortgage fraud claims that

Hayes says could push her out by early ￰8￱ say the administration aims to replace some regional Fed presidents around the February 2026 ￰9￱ promised “Four Seven” discusses the Trump takeover of the Fed and is the corresponding essay to my KBW speech this morning.￰0￱ ￰10￱ — Arthur Hayes (@CryptoHayes) September 23 2025 Stablecoin Flows And Eurodollar Fallout According To Hayes

the broader funding shift would come from Eurodollars and foreign ￰11￱ estimates $10-13 trillion could be steered away from offshore dollar deposits by threats to withdraw US support during ￰12￱ money plus other overseas holdings forms what Hayes calls a $34 trillion pool of non-dollar deposits that stablecoin firms could ￰13￱ expects compliant stablecoin issuers such as Tether—who park reserves in US bank deposits and Treasury bills—to absorb much of that ￰14￱ goes further suggesting social media wallets could pull in $21 trillion in Global South retail deposits and that apps like WhatsApp might become a route for people to hold dollar-pegged stablecoins instead of local bank ￰15￱ Reading: Central Banks May Stockpile Bitcoin In 5 Years

Deutsche Bank Predicts Stablecoins And Treasury Demand Hayes outlines a mechanics of ￰16￱ depositors shift into stablecoins that hold Treasuries and bank deposits demand for short-term US paper could become less ￰17￱ says adding roughly $16.74 trillion in European bank deposits helps build a total addressable market of about $34 trillion for stablecoin ￰18￱ that scenario the Treasury could offer yields below Fed Funds and still find buyers—weakening central banks’ hands abroad and giving Washington new influence over short-term ￰19￱ image from Unsplash chart from TradingView