Crypto's value is from being outside regulatory apparatus, says Arthur Hayes

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto's value is from being outside regulatory apparatus, says Arthur Hayes All that matters for bitcoin’s value proposition is fiat liquidity, said Arthur Hayes, CIO of Maelstrom, at Consensus Miami 2026. By Ian Allison | Edited by Stephen Alpher May 5, 2026, 3:12 p.m. 2 min read Make preferred on Arthur Hayes, Consensus Miami 2026 What to know : Bitcoin has value because it exists outside the regulatory apparatus, said Arthur Hayes. There’s a lot of talk about tradfi and regulators and crypto coming together and having this “bastard child.” Miami, FL — Crypto doesn't need regulation – something that charting the price of bitcoin over successive U.S. governments clearly shows, according to the provocative co-founder of BitMEX and CIO of Maelstrom, Arthur Hayes. Hayes’ thesis is simple: fiat liquidity – precisely, the printing of more units of fiat money – is the only thing that affects bitcoin’s value proposition. “I believe that if you want to talk about what is the price of Bitcoin and what's the fair value, or what's the future price, all that matters is how many units of fiat are there today,” Hayes told the audience at Consensus Miami 2026. “How many units of fiat will there be in the future, and what's the pace of this fiat creation?” While there’s a lot of talk about tradfi and regulators and crypto coming together and having this “bastard child,” the majority of people who attend conferences like Consensus want only to see the number go up, Hayes said. But they forget the price of Bitcoin has gone from zero to however many trillions of dollars that it's worth today, he added, hammering his thesis home: ”The more money that is printed in the U.S. and around the world, the more value that bitcoin will have in fiat currencies," said Hayes. "And it's this liquidity part of the equation that really drives the price of bitcoin, and not anything to do with politics.” Few executives in crypto maintain a social presence as lively, chaotic and strangely insightful as Hayes’. Behind the lapel-grabbing theatrics lies a track record that traders pay. For instance, Hayes was early to the rise of several AI-adjacent tokens, a sector that dominated speculative flows throughout 2024 and 2025. He also championed Zcash (ZEC), which rallied more than 450% over the past year. Looking back over the last few U.S. administrations, key factors can be picked out that greatly bolstered the value of bitcoin, Hayes said. These included bailing out banks during the banking crisis and printing a lot more money, which sent bitcoin “off to the races.” More recently, events like COVID, stimulus checks, Biden’s New Green Deal, and the Russian invasion of Ukraine have driven up the value of bearer assets like bitcoin and gold. “This is the value that bitcoin provides outside of the regulatory apparatus,” Hayes said. “It's precisely the reason that it does not adhere to the regulatory regime that some of you wish to put it under with bills like the clarity Act and other and other things.” Consensus Miami 2026 Bitcoin News More For You Coinbase taps Centrifuge as preferred tokenization backbone, takes equity stake By Francisco Rodrigues | Edited by Nikhilesh De 33 minutes ago The partnership includes a strategic investment by Coinbase and is focused on expanding tokenized ETFs, credit, and structured products. What to know : Centrifuge was selected as Coinbase's preferred tokenization infrastructure, making it the default issuance layer for assets across Coinbase's ecosystem, including Base. The partnership includes a strategic investment by Coinbase and is focused on expanding tokenized ETFs, credit, and structured products. The first institutional assets are anticipated to launch on Base... Read full story Latest Crypto News From bitcoin mining to the Hill: AIP’s new fellow brings hands-on crypto experience to D.C. 13 minutes ago Jito Labs launches self-custody trading tool as activity heats up on Solana 13 minutes ago Coinbase taps Centrifuge as preferred tokenization backbone, takes equity stake 33 minutes ago Crypto.com’s high-rolling head of marketing to leave after almost six years 1 hour ago Consensus Miami Day 1: Real-time coverage and highlights from on the ground 1 hour ago CoinDesk 20 performance update: index jumps 1.3% as all constituents trade higher 2 hours ago Top Stories Coinbase cuts 14% of staff as AI reshapes how crypto companies operate 3 hours ago Crypto platform Bullish to buy Equiniti for $4.2 billion, building tokenized securities infrastructure 4 hours ago Bitcoin crosses $81,000, ETH, SOL, DOGE steady as options desks bid on further price jump 9 hours ago Bitcoin used to hate inflation. Now it might be the opposite 8 hours ago Ripple to share North Korean threat intelligence with crypto firms 9 hours ago U.S. voters don't trust Trump administration to oversee crypto sector, CoinDesk poll finds May 3, 2026