Arthur Hayes: Buying BTC ‘Will Quickly Vanish’ When CBDCs Launch

In his recent blog post titled “Pure Evil,” the ex-CEO of Bitcoin derivatives platform BitMEX, Arthur Hayes argued that banks may limit the impact of the CBDC “horror story.”

Hayes said,

“Fans of financial sovereignty naturally fear and even despise them, as they imply total government control over everyone’s money and purchasing power — a full-frontal assault on our ability to have sovereignty over honest transactions between ourselves.”

Nonetheless, among rivals of CBDCs are not only Bitcoiners. Sharing the cause will probably be the commercial banks they have sought to drive out from power with Bitcoin.

The blog post explained,

“I believe that the apathy of the majority will allow governments to easily take away our physical cash and replace it with CBDCs, ushering in a utopia (or dystopia) of financial surveillance.”

Hayes further mentioned,

“But, we have an unlikely ally that I believe will impede the government’s ability to implement the most effective CBDC architecture for controlling the general populace — and that ally is the domestic commercial banks.”

In a recent interview, Richard Werner, a development economist and professor at De Montfort University, described them as a “declaration of war.”

Meanwhile, Hayes flagged BTC as a safe haven still available for those already against any form of zero-cash economy but not for long.