Arthur Hayes: They're About To Print Trillions, Bitcoin Mania Returns In 2026

Summary

Arthur Hayes discusses why Bitcoin has stalled in 2025 and argues that US fiscal and monetary policy will force massive money printing into the 2026 midterms, creating a powerful backdrop for crypto. He outlines bullish cases for Bitcoin, Ethereum, Zcash, and revenue-generating DeFi protocols, while warning that speculative no-revenue altcoins are effectively worthless. He also covers crypto-backed mortgages, prediction markets, and Maelstrom's private equity strategy for crypto infrastructure firms.

• Bitcoin has stalled due to less dollar liquidity and Treasury cash rebuilding, but that reverses as Treasury spending resumes.
• Hayes expects trillions in stimulus into the 2026 midterms, favoring crypto and risk assets.
• Ethereum is framed as the public blockchain for TradFi stablecoin and DeFi adoption, with a $10k-$20k target.
• Zcash is pitched as privacy insurance against AI deanonymization and a way to diversify Bitcoin exposure.
• The 2026 altcoin season should favor DeFi protocols with real clients and revenue sharing, not hype tokens.
• Speculative altcoins are seen as broken and vulnerable to further 90% drawdowns after the October crash.
• Maelstrom is raising a $250 million private equity fund for cash-generating crypto infrastructure companies.
• Prediction markets are expected to gain influence over politics and markets, though no public vehicles are named.