Arthur Hayes: The fiat currency system can only survive by printing money, and bonds are a bad investment

Arthur Hayes, former CEO of BitMEX, warns that the current fiat currency system is inherently dependent on continuous money printing to survive. He argues that even AI-driven economic growth could lead to massive job losses. Without a universal basic income (UBI) or similar wealth redistribution mechanism, widespread insolvency could trigger a systemic financial crisis. Hayes describes the global economy as a "refinancing system" that constantly rolls over debt and delays repayments. In this environment, he bluntly states that bonds have become a very bad investment. His comments reinforce his consistent macro view: investors should prioritize decentralized assets amidst fiat currency expansion and growing structural economic contradictions.

At the WebX 2025 Summit, former BitMEX CEO Arthur Hayes told Bitcoin.com News in an interview: "The very nature of the fiat currency system requires continuous money printing to survive, and so-called growth, even driven by AI, can lead to massive job losses. Without a wealth redistribution mechanism (such as UBI), most people will become insolvent, leading to overall financial systemic risk."

Hayes pointed out that the world is currently operating in a "refinancing system" that continuously rolls over debt and postpones repayments. He bluntly stated that in such an environment, bonds have become "a very bad investment."

These remarks continue his consistent macro perspective: against the backdrop of fiat currency credit expansion and intensified structural contradictions, investors should pay more attention to decentralized assets.

Arthur Hayes: The fiat currency system can only survive by printing money, and bonds are a bad investment

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