Episode 019: "Macro Crypto" with Arthur Hayes
About this episode
Marvin Barth and Mark Farrington discuss Bitcoin's value with Arthur Hayes, exploring liquidity, monetary policy, and the future of digital assets.
In this episode of Thematic Edge, Marvin Barth and Mark Farrington sit down with Arthur Hayes to explore one of the most important questions in crypto today: what ultimately gives Bitcoin value? While all three agree that liquidity, monetary policy and sovereign incentives shape markets, they discuss their differences in evaluating fundamental value. Arthur Hayes is one of the most influential figures in the history of cryptocurrency. He co-founded BitMEX, once the world’s largest crypto derivatives exchange, pioneered the perpetual swap contract that now dominates crypto trading, and helped build one of the industry’s first unicorns. Today he serves as Chief Investment Officer of Maelstrom, his family office, where he combines analysis of macroeconomic analysis, liquidity and market psychology to navigate both crypto and “TraFi” (traditional finance) markets. The conversation ranges from Hayes’ background, how his early experience during the Global Financial Crisis helped shape his view, to Bitcoin’s relationship with gold, the future of stablecoins and payment rails, the institutionalisation of crypto, the politics of digital assets after FTX, and why Donald Trump embraced the…
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