Arthur Hayes argues US Treasury buybacks and yield curve control will drive liquidity into Bitcoin, potentially pushing it to hundreds of thousands of dollars.
Macro & Markets ·
Arthur Hayes contended in an August 23, 2026 interview that Treasury Secretary Bessent's decision to at least double long-end bond buybacks has pushed the 10-year yield to 4.75%, with 5% potentially attainable. Hayes argued the Fed will refrain from raising rates despite inflation and growth pressures, partly because the Treasury must continue issuing short-term bills to maintain market function, and that increased buyback-driven liquidity flowing into scarce assets like Bitcoin could eventually drive its price to hundreds of thousands of dollars once yield curve control becomes a market concern.