Arthur Hayes Says Treasury Buybacks Mark “New Bitcoin Bull Run”

Arthur Hayes argues that recent Treasury buybacks signal the start of a new Bitcoin bull run, contending that government debt repurchases will boost liquidity and push investors toward risk assets like BTC. He links buybacks to looser real financial conditions and potential dollar weakness, which he says increases demand for scarce digital assets. The consensus in his view is that this macro action is a bullish catalyst for Bitcoin prices. The key implication for Bitcoin is greater upward price pressure tied to fiscal/monetary policy, with downside risk if buyback dynamics reverse.