In his keynote titled “Full Send” at the Token2049 event in Abu Dhabi on April 30, 2025, Arthur Hayes, the CEO of Maelstrom, expressed a strongly positive outlook for the cryptocurrency markets, declaring: “It’s time to go long everything.”
He elaborated, referencing a similar scenario that occurred in September 2022, when global central banks were rapidly raising interest rates, treasury bonds faced their worst performance since 1812, market volatility surged, and the crypto sector suffered severely, particularly after the FTX collapse.
Despite recent market upheavals, he pointed out that Janet Yellen, the former Treasury Secretary, had laid the groundwork for a significant recovery. In 2022, the Treasury injected $2.5 trillion by altering the reverse repo program and opting for shorter-term debt issuance, which boosted liquidity for riskier assets.
🚀 Arthur Hayes: “#Bitcoin to Hit $1M by 2028”
At Token2049 in Dubai, Maelstrom CIO Arthur Hayes repeated his ultra-bullish projection—$1,000,000 BTC by 2028.
💬 “It’s time to go long everything,” stated Hayes, attributing expected increases in U.S. money supply and liquidity as the primary motivators.
More information
— THE MENACE 👽 (@theTradeOp) April 30, 2025
Consequently, both Bitcoin and gold experienced a dramatic rise in value. Bitcoin, in particular, surged more than 100% between late 2022 and early 2024, despite the Federal Reserve’s narrative of tightening.
Hayes emphasized that real liquidity is generated by the Treasury, rather than the central bank.
Key Insights: Analysis of the MOVE Index
In his keynote, Hayes identified the MOVE index as a vital indicator, noting that when it exceeds 140, quick actions are expected from policymakers. He remarked, “With this index, it’s about a 140. You have immediate response from policymakers.” This hesitancy among investors regarding crypto assets, like Bitcoin, is partly due to U.S. tariffs imposed by President Donald Trump, which have created significant market uncertainty.
Treasury Buy Back Strategy: Bullish Without Quantitative Easing
Hayes clarified that the Buy Back program led by Bessant isn’t technically classified as money printing since the U.S. Treasury utilizes it to ensure budget neutrality while influencing leverage for treasury debt buyers.
He warned that the U.S. government is currently in dire financial straits, outspending revenue by 22% annually, while the private sector has exhausted COVID stimulus funds. Moreover, foreign governments, including China and Japan, are scaling back their purchases of U.S. bonds amid concerns about the dollar’s weaponization.
Hayes concluded with a pressing note that to address its deficits, the U.S. will resort to more domestic financial strategies, which equates to hidden liquidity boosts. Given the structural U.S. deficit and growing skepticism towards fiat currencies, he forecasts Bitcoin’s price will continue to escalate dramatically.
“April 9, 2025, was merely the initiation. Bitcoin surged 30% after the newest wave of liquidity began. By 2028, I forecast Bitcoin reaching $1,000,000, not due to inherent changes in Bitcoin itself, but because the fiat system is fundamentally and irrevocably flawed.”
Key Takeaways:
- Arthur Hayes, CEO of Maelstrom, predicts Bitcoin will reach $1,000,000 by 2028 at Token2049.
- A MOV index reading above 140 triggers immediate policy intervention.
- The U.S. must finance its deficits through domestic mechanisms, involving hidden liquidity injections.
