Arthur Hayes Turns Bullish on Bitcoin, Gold and Stocks

BitMEX co-founder Arthur Hayes has issued a bullish outlook for Bitcoin, gold and stocks after the US Treasury expanded its debt buyback program, arguing that increased intervention in bond markets could drive more capital toward scarce and risk assets.

Speaking with Crypto Banter host Ran Neuner, Hayes said investors should remain exposed to markets as policymakers attempt to contain rising Treasury yields. His comments followed Treasury Secretary Scott Bessent’s decision to double the size of buybacks targeting longer-dated US government debt.

Hayes characterized the policy as a form of “soft yield curve control,” in which authorities influence borrowing costs without formally setting a yield ceiling. He believes larger Treasury buybacks inject liquidity into financial markets and reduce pressure on bond yields, potentially benefiting Bitcoin, equities and precious metals.

“You’re an idiot if you’re not long stocks, long gold, long Bitcoin, long the market,” Hayes said.

According to Hayes, the approach resembles policies previously associated with former Treasury Secretary Janet Yellen and echoes Japan’s long-running experience with yield curve control. When governments suppress bond yields, he argued, investors have greater incentive to move capital away from fixed-income securities and toward assets with limited supply.

The market rally strengthened his argument. Bitcoin surged above important technical levels around $70,000, while stocks, gold and altcoins also gained. The 30-year Treasury yield declined following the policy shift.

Hayes acknowledged that short liquidations contributed to Bitcoin’s sharp rally but argued that a broader structural trend is developing. He expects policymakers to continue defending debt-market stability through buybacks and other liquidity tools if yields rise to uncomfortable levels.

The BitMEX co-founder also pointed to the Federal Reserve’s monetary policy and the possibility of expanded repo facilities as additional factors that could support asset prices.

Hayes said he has already adopted a high-risk positioning strategy, with significant exposure to Bitcoin and Ethereum alongside other crypto investments.

His broader thesis is that continued government intervention and dollar liquidity could make scarce assets increasingly attractive. If policymakers repeatedly step in to limit bond-market stress, Hayes believes Bitcoin, gold and equities could remain major beneficiaries of the resulting flow of capital.