In his latest essay Entitled “The Genie”, crypt entrepreneur and former general director of Bitmex, Arthur Hayes, calls for the Bitcoin State Strategic Reserve (BSR), warning that such a program would cause “unnecessary pain in below two years” and will transform the largest cryptocurrency of the world into cryptocurrency in a powerful political weapon. Hayes also warned the industry against implementing what he considers excessively complicated “Frankenstein Crypto Bill regulators”, which, he claims, would bring enormous centralized institutions, and would not support true decentralization.

“A terrible idea” for Bitcoin?

Hayes questions both feasibility and long -term consequences of establishing domestic Bitcoin stocks. He claims that the US government would be motivated by politics, not a reasonable financial strategy, potentially leading to the Bitcoin market.

In his opinion, BSR risks that politicians in order to raise funds for unrelated programs: “Suppose Trump is able to create BSR. The government buys a million Bitcoins, as the US Senator Lummis suggests. Boom! The price is crazy. Then the buying ends, and the trend channel only stops up. “

Hayes predicts another administration – in general hostile to bitcoins or cryptocurrencies – to eliminate this huge reserve. “What if [the Democrats] Do you have the majority of veto resistant to representatives? Until 2028. What if the Democrat won the election … Finding easy piles of cash to spend on gadgets for their fans is the first directive. Simply sits there a million bitcoins, ready for sale … The market would rightly be afraid when and how these bitcoins will be sold. “

Another of Hayes’ key disputes is that the regulation shaped by special interests can accidentally suppress the innovation to be promoted. According to Hayes, enormous exchanges and financial intermediaries with resources affecting the influence of legislators more often escalate regulatory results.

This suggests that he burden smaller innovators and strengthen the position of the main centralized players: “regulatory wishes for cryptocurrencies that can be fulfilled … They will be in the form of too complicated, order rules that only large and wealthy centralized companies can afford … what she actually wanted A wider cryptographic community? … maybe those readers who are shareholders of Coinbase and Blackrock want a bill of cryptographic Frankenstein. But I think this type of regulation does not change the status quo. “

Alternative proposal

Instead of BSR, Hayes proposes a more radical and complicated financial agreement with the participation of the Treasury of the United States, Bitcoins and “Century of Bonds” (100-year zero-coupon bonds). His idea is that the USA to devaluate its existing tax obligations unilaterally, announcing that Bitcoin will replace the sovereign debt as a neutral global reserve resource.

The plan, in its own words, would include the public statement of the Secretary of the US Treasury Scott Bessent, declaring the intention to apply Bitcoins as reserve assets while arresting the American dollar as a currency of invoicing. Then the dollar would be devalued progressive, and the American auction of the Treasury about higher prices while issuing the hundred -year -old bonds instead of immediate cash payments.

The next step would be to expand the maturity of tax debt, and the Bitcoin State Treasury at a profit to buy back and withdraw brief -term liabilities, ultimately exceeding the maturity of the US to 100 years. In addition, the global USD adoption would be accelerated through Stablecoin transfers on social media platforms such as Facebook and X, enabling daily users to participate in American bond markets – by transferring conventional banking intermediaries.

“This is for financial history … An additional new goal is to make bitcoin a global neutral reserve currency,” explains Hayes. He believes that such a strategy could restore us with hegemony, passing from the classic “Petrodollar” or “Treasury” system to one bitcoins anchored, while providing enormous swaths of Bitcoin mining operations in the USA.

In a more cautious MP, Hayes emphasizes that cryptographic voters played a noteworthy role in the restoration of Donald Trump and the Republican party to power. However, it emphasizes the ponderous pace of action in cryptocurrency issues, contrasting with the rapid implementation of tariffs by administration and withdrawal of environmental, social and managing fines (ESG).

“When Trump wants to act, it works … Removing the policy of ESG and Dei … It came quickly … It’s a shame because to margins [the Republicans] ruling.”

He also repeats his forecast that Bitcoin can see a piercing correction to the range from 70,000 to 75,000 USD, before it increases higher in the long-term-if there are no immediate, specific provisions conducive to innovations without permission or further monetary stimulus.

For now, Hayes encourages these “setting up the day after a day dressed in a suit or block heels and a summer dress, hoping to ask an orange genie about a wish” to think carefully: “Stacking Sats is my game, and I hope that yours It’s too. Therefore, if you find yourself at the table of the genie … I wish you the right things. “

During the BTC press it traded for USD 98,190.

A distinguished painting created from Dall.e, chart from tradingview.com