What to know:
- The former Bitmex CEO pointed to the limited time frame before the midterm elections and the many other things to allocate time and money to. (Like deciding which tie to wear!)
- Hayes makes no bones about the investment for his new VC Maelstrom: “We love undervalued shits.” (Because who doesn’t love a good bargain?)
Arthur Hayes, the chief investment officer of cryptocurrency venture capital firm Maelstrom, has cast a shadow of doubt over the illustrious notion that Donald Trump’s government will ever get around to creating a strategic Bitcoin reserve. A policy many crypto enthusiasts are pinning their hopes on, like a cat hoping to catch a laser pointer!
“I don’t think Trump will get around to doing a bitcoin reserve,” Hayes quipped, the co-founder and former CEO of BitMex, in a delightful interview. “At the end of the day, I don’t know how borrowing money to buy bitcoin helps on any of Trump’s platforms.” (Perhaps he’s too busy tweeting?)
Trump, of course, is no stranger to the allure of crypto, having launched a couple of lucrative meme coins (tokens that serve no purpose other than to be as volatile as a toddler in a candy store) before his inauguration. For the hardline Bitcoin supporters, a U.S. strategic reserve held in BTC would be akin to the holy grail of cryptocurrency. 🏆
Hayes added, “I hope I’m wrong,” regarding the implementation of a BTC reserve. But he pointed to the limited time frame before the midterm elections, which could restrict the ability to implement substantial policy changes—like a cat trying to fit into a too-small box.
“You have so much borrowing capacity before you destroy the bond market. Are you gonna borrow money to buy bitcoin? Are you gonna borrow money to give health care to the seniors who voted you in, or to build more bombs so that the defense lobby likes you?” Hayes mused, probably envisioning a boardroom filled with confused squirrels.
“There’s a lot of different things you can borrow money to spend it on. I just don’t think that he’s going to spend it on bitcoin. Whilst as important as bitcoin bros think they are, there’s a lot of other interested parties that want that borrowed money to go into their pockets,” he added, perhaps while twirling a mustache.
Hayes could be called a contrarian, and his impish irreverence when it comes to investing via his new Maelstrom fund—“We love undervalued shits” (yes, shitcoins)—is underpinned by penetrating insights into macro-economics. He’s particularly pessimistic about the ways governments erode the wealth of everyday folk, like a raccoon rummaging through a trash can.
Maelstrom mostly writes checks in the $50,000-$100,000 range at the seed stage of crypto projects and acquires tokens rather than equity; recent successes included investing in Ethena Labs, the stablecoin project. (Because who wouldn’t want to invest in something that sounds like a Greek goddess?)
Speaking about Maelstrom’s investment thesis, Hayes declared: “Let’s not kid ourselves, it’s raw speculation. Most of these things will be zeros. And so I don’t want to dress it up in some sort of highfalutin language. We’re speculating.” (A true philosopher of finance, one might say!)
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2025-01-20 23:47