Arthur Hayes: The value of cryptocurrency is that it is not bound by the regulatory system

On May 5, Arthur Hayes, co-founder and chief information officer of Maelstrom, argued that cryptocurrencies do not require regulation-this can be clearly seen by charting bitcoin prices with successive U.S. governments. Hayes's argument is simple: Fiat currency liquidity-to be precise, printing more fiat currency-is the only factor that affects Bitcoin's value proposition. Hayes said,"The more money printed in the United States and around the world, the higher the value of Bitcoin in legal tender," Hayes said. "What really drives the price of bitcoin is liquidity, not politics."