Arthur Hayes: Reducing U.S. debt-to-GDP ratio could drive Bitcoin to $1M

In a Medium blog post titled "Black or White?", BitMEX co-founder Arthur Hayes discussed Bitcoin's growth of over 400% since 2020, underscoring its function as a hedge against fiat currency devaluation. Hayes noted that reducing the U.S. debt-to-nominal GDP ratio from 132% to 115% required $4 trillion, and further reducing it to September 2008 levels of 70% would need an additional $10.5 trillion in credit creation. He argued that such substantial monetary expansion could potentially drive Bitcoin's price to $1 million, as price changes are driven by marginal trading decisions.