US bonds are like shit! Arthur Hayes: BTC will reach 1 million dollars in 2028, 9 trillion dollars in liquidity is about to enter the market.

Arthur Hayes, the founder of BitMEX, stated at the Bitcoin 2025 conference on May 28 that the U.S. government will begin massive money printing from now until 2028 to address its huge debt problem, expecting up to 9 trillion dollars to flow into the market, far exceeding the scale during the COVID pandemic. He mentioned that Bitcoin (Bitcoin) is definitely the "biggest winner" of this wave of inflation, and that the coin price reaching a million dollars is just a coincidence.

Key Summary

U.S. Treasury Secretary Bessent ( Scott Bessent ) was referred to by Hayes as a "used car salesman," with the task of promoting government bonds.

Hayes stated that buying bonds is not as good as buying stocks, gold, and BTC.

The fiscal deficit and spending in the United States in 2025 may reach a new high.

If it is not possible to reduce expenses, the only option is to "issue national bonds" to stimulate economic growth.

The United States will launch three major liquidity solutions: unlimited leverage for banks to buy bonds, heavy taxation to drive away foreign capital, and the restart of Freddie Mac ( and Fannie Mac ).

Assuming the implementation of the three major plans, it is estimated that before 2028, the market will welcome a $9 trillion influx of capital.

In contrast to the Bitcoin market driven by COVID in 2020, the coin price just soared to a million.

US debt hard to sell, Treasury Secretary Bessent transforms into sales business

Hayes first stated that U.S. Treasury Secretary Scott Bessent is essentially a "salesman," whose task is to sell unwanted U.S. Treasury bonds, as his U.S. government boss needs funds to operate.

He pointed out that the outside world often says that Bessent is a very successful hedge fund manager, and he has also worked under George Soros, participating in several currency wars. However, his current role is forced to be a salesman, reluctantly pushing U.S. debt.

US debt is like shit, better to buy stocks, gold, and BTC.

Hayes stated that U.S. Treasuries are garbage, and then cited data showing that since 2017, the supply of U.S. Treasuries has surged by 80%. If we compare the U.S. long-term Treasury ETF (TLT) with the Nasdaq index (NASDAQ), gold, and Bitcoin (BTC), the results would be:

Gold vs NASDAQ: Returns Win Over TLT by Nearly 80%

Bitcoin: Reward rate greatly wins TLT nearly 99%

The chart shows the comparison of returns between TLT and the NASDAQ index as quoted by Hayes. The NASDAQ wins significantly, and the Trump administration will expand the fiscal deficit, with no intention to reduce spending.

Hayes pointed out that although the Trump administration has been shouting slogans about controlling spending, the actual government expenditure and fiscal deficit in the United States for 2025 is expected to be higher than in 2024.

Elon Musk originally led the Government Efficiency Department to aggressively cut spending on DOGE, but is currently stepping back under political pressure, as cutting the budget means blocking people's financial paths, and it's a difficult road to walk.

The left image shows that the debt amount of the United States in 2025 will be higher than that in 2024, and the right image illustrates that the U.S. government under Musk is unable to cut spending, relying on printing money and inflation as a solution.

Hayes joked that U.S. Treasury Secretary Yellen has recently been emphasizing the need to boost economic growth on various programs, but in reality, the government is unable to cut spending and can only increase the supply of government bonds and print money to stimulate the economy. He also cited China as an example, stating:

"China's economic figures are all built on credit, and the United States seems to have no choice but to follow this path."

Hayes pointed out that in such an environment, the asset most likely to benefit again is Bitcoin (BTC).

The three major funding policies in the United States are set to be launched, with total liquidity reaching 9 trillion dollars by 2028.

Hayes pointed out that the next three major funding policies of the US government will drive Bitcoin (BTC) into a new bull market:

He estimates that by 2028, there will be about 3 trillion dollars in loans from banks to the real economy, and this is the quantitative easing for the poor (QE).

$900 billion of foreign capital has withdrawn from U.S. Treasury bonds, which will be compensated by U.S. commercial banks through "infinite leverage" to buy bonds.

Fannie Mae ( and Freddie Mac ) are assumed to return to the market, with an estimated release of 5 trillion dollars in mortgage funds.

The total of these three items will bring the liquidity in the United States close to 9 trillion dollars before 2028. He stated:

"During the COVID pandemic, our asset prices increased by about 10 times. If the money printed this time is double that of the COVID period, then raising the Bitcoin price to 1 million dollars is just right."

(Bitcoin 2028 coin price breaks 1 million USD! Arthur Hayes warns: Europeans, hurry to escape, transfer your money out )

This article says that US Treasuries are like shit! Arthur Hayes: BTC will reach 1 million USD by 2028, and 9 trillion USD in liquidity is about to enter the market. First appeared in Chain News ABMedia.