Arthur Hayes: Liquidity rather than regulatory benefits is the core factor driving Bitcoin's rise

Arthur Hayes said at the Consensus2026 conference that the crypto industry does not rely on regulation to promote development. The only core factors affecting Bitcoin prices are technical reliability and legal currency liquidity, of which the latter is the real driving force. He pointed out that from quantitative easing during the Obama era, fiscal stimulus during Trump's first term, to the Biden era's release of reverse repo liquidity through replacing long-term debt with short debt, every round of monetary expansion is highly correlated with the rise of Bitcoin. Arthur Hayes believes that although the Trump administration has promoted a number of crypto regulatory bills, Bitcoin has still fallen by about 25% in the past 18 months or so, indicating that good regulatory benefits will not directly drive prices up. He also said that the Trump family had previously experienced de-banking, asset freezes and lawsuits, which may have made it better understand the value of Bitcoin as an asset outside state control. Arthur Hayes said that if Bitcoin eventually evolves into an ordinary financial product on banks 'balance sheets, it will lose its original meaning.