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BitMEX founder Arthur Hayes believes the global financial system is shifting away from traditional US assets like Treasuries and stocks. Instead, he sees gold and Bitcoin taking on a more central role.
In a recent post on X, Hayes pointed to a key idea: if the US starts cutting its current account deficit and national debt—especially under a potential Trump presidency—foreign governments may need to rethink how they manage their reserves. That could mean selling off US bonds and equities to fund domestic priorities.
Hayes explained that if the US no longer runs a large deficit, there will be fewer dollars flowing into foreign economies. Without those dollars, countries won’t have the liquidity to keep investing in US financial markets.
In his words, it could mark “the end of US Treasuries and, to a lesser extent, US stocks as the global reserve asset.” He added that finance ministers worldwide won’t want to rely on a system that could change direction quickly depending on who’s in the White House.
He traced the origins of the issue back to 1971, when the US dropped the gold standard. According to Hayes, many Americans felt they didn’t benefit from the changes that followed. That frustration, he believes, helped Trump get elected in the first place.
Looking ahead, Hayes thinks gold will regain its role in global trade. He said gold is likely to be used again to settle international transactions—especially since it avoids tariffs.
He wrote, “The dollar will still be the reserve currency, but nations will hold reserves in gold to settle global trade… Gold must flow freely and cheaply in the new world monetary order.”
Hayes also advised those paying attention to consider buying gold, gold mining stocks, and Bitcoin as protection against a shift back toward a trade model that looks more like the pre-1971 system.
He doesn’t see Bitcoin as just a risky asset anymore. In fact, he noted that Bitcoin might finally be breaking away from its long-standing link to the Nasdaq. In his view, tariffs and changing policies may be helping Bitcoin act more independently.
“BTC hodlers need to learn to love tariffs,” he said, hinting that the digital currency could now serve as a clearer signal of fiat money stress.
Hayes has long argued that Bitcoin and gold are better positioned than traditional financial tools in a world where trust in US leadership and policy keeps shifting. His latest message continues to push that idea—especially in the face of possible changes in Washington.
Just recently, Hayes and two other BitMEX co-founders received pardons from Donald Trump, nearly three years after their conviction for failing to maintain proper anti-money laundering controls at the exchange.