PANews reported on May 12th that BitMEX co-founder Arthur Hayes stated in a recent blog post that the Bitcoin bull market truly began on February 28th with the outbreak of the US-Iran war. AI capital expenditures, war spending, and investments in physical infrastructure by various countries to ensure supply chain security will drive unbridled expansion of fiat currency credit, from which Bitcoin will continue to benefit. Hayes pointed out that Bitcoin has rebounded from its low of $60,000 earlier this year and reiterated that breaking the previous high of $126,000 is "inevitable."

Hayes believes that the current round of AI capital expenditure is unprecedented in scale, with central banks such as the Federal Reserve printing more money. Declining trust in dollar assets will drive investment in physical infrastructure and commodity reserves, further fueling fiat currency expansion. He predicts Bitcoin's rally will accelerate after breaking $90,000 and has raised Maelstrom's portfolio risk exposure to the maximum. Besides Hyperliquid and Zcash, Hayes' next most favored altcoin is NEAR, which he will explain in a subsequent article how its privacy narrative and Intent architecture create positive cash flow for the protocol. He concludes by stating that while the market is currently bullish, there will eventually be a time to sell, not now.