Arthur Hayes: Bitcoin narrative shifts to "wartime inflation," target price $125,000

Odaily reports that BitMEX co-founder Arthur Hayes stated at the "Bitcoin 2026" conference that the Bitcoin market narrative is shifting from "AI deflation" to "wartime inflation," reaffirming his bullish stance on Bitcoin with a target price of $125,000.

Hayes believes that the U.S.-Iran war is driving expectations of inflation and credit expansion, while improved liquidity in the banking system will offset AI-induced credit contraction. He also noted that his liquidity indicator bottomed out last November and has been moving in sync with Bitcoin's price trend.