ArthurHayes: Liquidity, not regulatory tailwinds, is the core factor driving Bitcoin’s price increase

Odaily news: Arthur Hayes stated at the Consensus 2026 conference that the crypto industry does not rely on regulation to drive development. The core factors affecting Bitcoin's price are only technological reliability and fiat liquidity, with the latter being the true driving force.

He pointed out that from the quantitative easing under the Obama administration, to fiscal stimulus during Trump's first term, and the release of reverse repo liquidity by the Biden administration through replacing long-term debt with short-term debt, each round of monetary expansion has been highly correlated with Bitcoin's price increases. Arthur Hayes believes that although the Trump administration has pushed forward multiple crypto regulatory bills, Bitcoin has still fallen by about 25% over the past roughly 18 months, indicating that regulatory tailwinds do not directly drive price increases.

He also stated that the Trump family's past experiences with debanking, asset freezes, and lawsuits may make them better understand the value of Bitcoin as an asset outside of state control. Arthur Hayes said that if Bitcoin ultimately evolves into just another ordinary financial product on bank balance sheets, it will lose its original significance.