Arthur Hayes: Bitcoin Bull Run Could Last Until 2026 as Liquidity Expands

BitMEX co-founder and Maelstrom CIO Arthur Hayes believes the crypto bull market still has room to run, fueled by aggressive global monetary expansion. In a recent interview with Kyle Chassé, Hayes argued that governments worldwide are only at the beginning of large-scale money printing, a trend he expects to intensify in the coming years.

He pointed specifically to U.S. politics, suggesting that President Donald Trump’s second-term spending programs may not fully roll out until mid-2026. Until then, Hayes sees investors underestimating the scale of liquidity that could flow into equities and crypto. He also warned that potential instability in Europe, including the possibility of a French debt crisis, could further accelerate monetary easing.

Despite concerns that bitcoin has slowed after reaching $124,000 in August, Hayes dismissed fears of stagnation. He contrasted bitcoin’s performance with traditional assets, noting that while U.S. stocks have gained in dollar terms, they still lag behind gold since the 2008 financial crisis. Real estate also trails gold, with only a few tech giants consistently outperforming. Against bitcoin, Hayes argued, nearly all benchmarks look weak.

Hayes emphasized that bitcoin’s strength lies in its long-term compounding returns, not short-term speculation. He described bitcoin as the “faster horse” compared to bonds, which traditional investors often buy when betting on central bank intervention. Both strategies, he noted, rely on the expectation that governments will print money whenever growth slows.

Ultimately, Hayes believes patience is key for crypto investors. With global fiscal and monetary expansion likely to continue through the decade, he expects the current crypto cycle to extend well into 2026—far from over, and with the potential for another explosive phase of bitcoin and altcoin gains.