While the markets panic over Trump’s massive new tariffs, crypto OG Arthur Hayes is leaning in. The former BitMEX CEO says the whole thing is actually bullish for Bitcoin—despite the short-term turbulence.

In a post on X, Hayes didn’t mince words:

“I LOVE TARIFFS. Global imbalances will be corrected, and the pain papered over with printed money, which is good for BTC.”

Trump’s Tariffs Shake Wall Street

Trump’s April 2 executive order slapped a 10% minimum tariff on all imports, with even steeper rates for China and the EU. He’s calling it “Liberation Day,” but the markets weren’t cheering.

On April 3, the Nasdaq 100 suffered the biggest single-day point drop ever. Stocks across the board tumbled—and crypto took a hit too.

Hayes: Fiat’s Getting Weaker, Bitcoin’s Getting Stronger

In follow-up posts and a new blog, Hayes laid out why the chaos is setting the stage for a Bitcoin rally:

• Foreign investors could dump U.S. assets, weakening the dollar.
  
• China might let the yuan slide past 8.0 to counter the tariff pressure.
  
• And if that happens? Chinese capital could start flowing into Bitcoin as a hedge.
  

He also flagged the bond market’s reaction:

“Yields on the 2-year Treasury dropped. That’s the market hinting the Fed’s gonna cut, maybe even restart QE.”

His advice? “Be patient, be nimble, be liquid.”

BTC Bull Thesis: Liquidity > Everything Else

According to Hayes, Bitcoin’s not waiting for the next big tech upgrade. It’s all about money supply now.

“The tech is stable. Bitcoin’s next move depends on how much fiat is printed.”

With central banks on high alert and traditional markets flailing, Bitcoin may soon benefit from the next wave of liquidity injection.

Others in Crypto Back the View

• Gadi Chait of Xapo Bank agrees: “Short-term? Shaky. Long-term? Bitcoin’s still inevitable.”
  
• Ultra CEO Gus van Rijckevorsel says Q2 could stay rocky, but sees early signs of a turnaround.
  
• Unity Wallet COO James Toledano noted Bitcoin is outperforming tradfi this week—hovering at $83.7K, down 4.4% vs. much steeper losses in stocks.
  

“BTC isn’t quite the ultimate safe haven yet—but it’s getting closer every time fiat slips,” he said.