Arthur Hayes: U.S. Treasury, not U.S. Fed, is driving Bitcoin’s path to $1M

Former BitMEX Exchange CEO Arthur Hayes believes the U.S. Treasury—not the Federal Reserve—is now steering global liquidity, with Treasury Secretary Scott Bessent quietly managing debt through buybacks and auctions, according to CoinDesk. Hayes argues that political posturing with China and subtle capital controls will reshape trade without hurting U.S. consumer habits. He predicts these shifts will flood markets with liquidity, driving Bitcoin to $1 million by 2028. Hayes’ crypto portfolio is heavily weighted in Bitcoin, Ethereum and select altcoins, reflecting his belief that investors are now focusing on real utility.