Arthur Hayes Predicts More Dollar Liquidity that Could Push Bitcoin’s Rally Further

Bitcoin (BTC) has entered a new bull market, according to Arthur Hayes, who argues that US Treasury Secretary Scott Bessent is preparing to create more dollar liquidity through Treasury market operations.

The thesis rests on a familiar argument of his: when policymakers inject liquidity to keep Treasury yields under control, Bitcoin and other risk assets tend to benefit.

Hayes Points to Bessent’s Treasury Strategy In an August 25 essay, Hayes compared Bessent with his predecessor, Janet Yellen, arguing that both have faced pressure to keep borrowing costs under control while the US government continues spending.

He focused on the 10-year Treasury yield, which, as he put it, is the most important price in US financial markets.