Arthur Hayes

Hayes believes the Fed will eventually be forced to "print the money" to finance the war and save the banking system. He notes Bitcoin is currently "front-running" liquidity issues. War and banking crises ultimately end in quantitative easing (QE). QE debases fiat currency, driving capital into hard, scarce assets like Bitcoin. LONG (Structural hold, though Hayes expects potential short-term volatility/retest of lows first). A liquidity crunch where all assets (including crypto) are sold for cash before the printing starts.

"I think we need to return to an annualized revenue run rate of about 1.4 billion... right now, they're doing about 1% of what they're allowed to claim is what they're actually sort of vesting to themselves." Hyperliquid has the lowest ratio of reported volume to open interest, indicating genuine trading activity rather than wash trading. Combined with the team restricting their own token unlocks, this creates strong fundamental value. If revenue recovers, the price-to-earnings ratio could expand from 12 to 30, driving significant price appreciation. LONG HYPE based on superior platform liquidity, real user revenue, and favorable tokenomics driving a $150 price target. Increased competition from low-to-no fee perpdexes or a change in the team's token unlock policy leading to dilution.

"The privacy narrative is only starting to heat up, especially as we start to see how easy it is for people to deanonymize Bitcoin and other crypto transactions when you have AI agents compared with big data sets, big tech, and big government." As surveillance capabilities increase, crypto users will increasingly seek out robust on-chain privacy solutions. Zcash, being built on the Bitcoin codebase with proven cryptographic anonymity and no trusted setup, is perfectly positioned to capture this demand as privacy becomes a premium feature. LONG ZEC as a structural play on the growing necessity for financial privacy in the digital age. Regulatory crackdowns on privacy coins or potential delistings from centralized exchanges.

"It's not about the big banks. JP Morgan is going to be fine. JP Morgan and City with a government guarantee." When regional banks collapse due to consumer credit defaults, panic will ensue. Depositors and capital will flee to systematically important financial institutions (SIFIs) that have implicit government backing, increasing their market share and deposit base. LONG mega-cap banks as a safe haven and market-share winner during the upcoming regional banking crisis. Broad market contagion drags down all financial equities, or regulators impose stricter capital requirements on SIFIs.

"It's not about the big banks. JP Morgan is going to be fine. JP Morgan and City with a government guarantee." When regional banks collapse due to consumer credit defaults, panic will ensue. Depositors and capital will flee to systematically important financial institutions (SIFIs) that have implicit government backing, increasing their market share and deposit base. LONG mega-cap banks as a safe haven and market-share winner during the upcoming regional banking crisis. Broad market contagion drags down all financial equities, or regulators impose stricter capital requirements on SIFIs.

Hayes states he prefers "rocks in the ground" (Gold, Silver, Uranium, Copper) because "the data centers need it, the gold industry needs it, all the merchants of death need it." War and AI are resource-intensive. War requires physical material, and AI data centers require massive power (Uranium) and conductivity (Copper). These sectors have suffered 20 years of underinvestment while capital chased software. Long hard assets as a secular inflation and industrial demand play. A sudden deflationary bust or austerity measures that crush global demand.

Hayes observes, "Block last week firing 40% of the staff... stock pumped 20%." He notes that management is rewarded for replacing humans with AI. As AI tools become proficient, CEOs will aggressively cut "knowledge work" costs to boost margins. The market currently interprets these mass firings as bullish for profitability, incentivizing companies to accelerate this trend. LONG (Play the "AI Efficiency" narrative). Regulatory backlash or operational failure due to over-firing.

The Iran war and physical supply disruptions (e.g., Australia's jet fuel crisis) are causing sovereign nations to realize that holding US Treasuries and dollar assets does not guarantee access to physical goods when trade routes are blocked. As a result, nations will structurally shift their savings away from Treasuries toward physical commodities, infrastructure, and gold, leading to a secular decline in demand for US Treasuries. This will force the Fed to print money to absorb the selling.

NEAR's integration with shielded Zcash via intents enables anonymous swaps to any crypto. Each transaction pays a fee to the NEAR protocol. If volumes grow, NEAR could become deflationary, driving the price up significantly.

Hayes states he prefers "rocks in the ground" (Gold, Silver, Uranium, Copper) because "the data centers need it, the gold industry needs it, all the merchants of death need it." War and AI are resource-intensive. War requires physical material, and AI data centers require massive power (Uranium) and conductivity (Copper). These sectors have suffered 20 years of underinvestment while capital chased software. Long hard assets as a secular inflation and industrial demand play. A sudden deflationary bust or austerity measures that crush global demand.

Hayes states he prefers "rocks in the ground" (Gold, Silver, Uranium, Copper) because "the data centers need it, the gold industry needs it, all the merchants of death need it." War and AI are resource-intensive. War requires physical material, and AI data centers require massive power (Uranium) and conductivity (Copper). These sectors have suffered 20 years of underinvestment while capital chased software. Long hard assets as a secular inflation and industrial demand play. A sudden deflationary bust or austerity measures that crush global demand.

Hayes states he prefers "rocks in the ground" (Gold, Silver, Uranium, Copper) because "the data centers need it, the gold industry needs it, all the merchants of death need it." War and AI are resource-intensive. War requires physical material, and AI data centers require massive power (Uranium) and conductivity (Copper). These sectors have suffered 20 years of underinvestment while capital chased software. Long hard assets as a secular inflation and industrial demand play. A sudden deflationary bust or austerity measures that crush global demand.

Hayes states, "I'm super bullish on Zcash... you can deanonymize Bitcoin transactions quite easily." As governments increase surveillance and financial repression (war economy), the premium for actual privacy increases. Bitcoin is a public ledger; Zcash offers true digital cash privacy. (Note: ZCSH is the Grayscale trust proxy for Zcash). Long privacy assets as a hedge against surveillance. Privacy coins face the highest risk of regulatory bans and delistings from exchanges.

Hayes notes the scenario where "Refineries around the Persian Gulf are getting bombed" and insurance premiums for shipping skyrocket. A prolonged conflict in Iran/Middle East physically disrupts energy infrastructure and transit routes (Strait of Hormuz), creating a massive supply shock for oil. LONG (Geopolitical hedge). Quick resolution to the conflict or demand destruction from a global recession.