ow people what's possible.output: title: Arthur Hayes: 'If They Go 50, That Will Be a Nuclear Catastrophe for Financial Markets'

In an interview with CoinDesk's Markets Daily, BitMEX co-founder and Maelstrom CIO Arthur Hayes discusses the impact of the Fed cut, how to see the crypto markets shaping out this year, and why he's investing in Bitcoin Ordinals and inscriptions.

just get people thinking about this technology and using it in ways that we haven't seen yet.

output:renowned crypto personality and hedge fund manager Arthur Hayes recently sat down with CoinDesk’s Markets Daily to discuss his outlook for financial markets in 2023, particularly in light of the upcoming Federal Reserve meeting. Here's a summary of his key insights:

Hayes believes that the U.S. economy is strong, with consistent growth and high government spending. He argues that the Federal Reserve should not be raising interest rates, especially considering the rising inflation.

According to Hayes, the most crucial macroeconomic variable is the dollar-yen exchange rate. He anticipates that if the Fed cuts rates significantly, it will weaken the dollar against the yen, leading to a sell-off in global markets.

Hayes predicts that Bitcoin will initially decline along with other markets but could rally later on if the financial collapse prompts the government to print more money. He believes that a 50 basis point rate cut could lead to a "nuclear catastrophe" for financial markets.

Hayes is still bullish on Bitcoin's long-term potential, aiming for a million-dollar price target but expecting it closer to 2026 or 2027. He anticipates a ramp-up in fiscal spending regardless of who wins the U.S. election, which could provide a tailwind for crypto.

Hayes emphasizes the importance of patience in crypto markets, highlighting that Bitcoin's value is driven by its use and that it's a long-term game. He believes that people should not expect Bitcoin to reach astronomical prices overnight.

Regarding ETFs, Hayes believes they cater to those who want Bitcoin's price performance without owning it directly. He points out that BlackRock's quick ETF approval, compared to others' lengthy attempts, highlights the government's preference for large financial institutions controlling crypto wealth.

Hayes expresses concern about the scenario where institutions like BlackRock own all the Bitcoin, rendering the network useless. He stresses the need for people to use Bitcoin to sustain the network and pay the miners.

Hayes showcases his passion for Ordinals and Bitcoin layer 2D files, highlighting their role in paying the miners and creating usability for Bitcoin. He recently launched the Ordinal's Inscription series, Airheads, to support this initiative.

Hayes categorizes Bitcoin as money, Ethereum as a decentralized computer, and Solana and Aptos as competitors in that space. He's also interested in decentralized finance, aiming to make financial products accessible worldwide.

Overall, Hayes's commentary provides valuable insights into his macroeconomic outlook, crypto market analysis, and unique ventures within the Web3 space.

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