Arthur Hayes says BTC bull run began in Feb., sees acceleration past $90K

BitMEX co-founder Arthur Hayes argued in a recent blog post that the Bitcoin bull market has already been underway since late February. He explained that expanding investments in AI infrastructure, rising war costs, and spending on physical infrastructure for supply chain security are all fueling fiat-based credit expansion, which will benefit BTC. Hayes noted that capital expenditure in AI is at an unprecedented level, while the U.S. Federal Reserve and other central banks continue to print money. He also pointed to declining trust in U.S. dollar assets, which is causing a shift of capital into physical infrastructure and commodity stockpiles, potentially leading to further fiat expansion. Against this macroeconomic backdrop, Hayes believes it is a foregone conclusion that BTC will surpass $126,000 and that a break above $90,000 would further accelerate the rally. He added that his asset management firm, Maelstrom, has increased its portfolio risk exposure to the maximum level. After Hyperliquid (HYPE) and Zcash (ZEC), he is most optimistic about NEAR Protocol (NEAR).