BitMEX founder and crypto investor Arthur Hayes says gold and Bitcoin (BTC) are effectively replacing US Treasuries and equities as the predominant global reserve assets.
In a post on the social media platform X, Hayes says that President Trump was partially elected by Americans who feel that they didn’t share in the alleged “prosperity” stemming from going off the gold standard in 1971.
Hayes says that if the White House follows through on reducing its debt and current account deficit, then other countries will be forced to finance their economies by selling their US stocks and bonds, creating a permanent change in the global financial order since finance ministers around the world won’t take a chance that Trump will change his mind.
“THE END: Of US Treasuries and, to a lesser extent, US stocks as the global reserve asset. If the US current account deficit is eliminated, then foreigners do not have dollars to…
