Arthur Hayes：耶伦与贝森特同属印钞派，比特币将受益

"Same Same But Different" is an essay on why you should back up the truck and buy crypto with both hands.

"Bad Gurl Yellen and Buffalo Bill Bessent are the same whether their rhetoric before taking office differed. They both suffered under the yoke of politicians who couldn’t help themselves but to spend more and more money on whatever nonsense they deemed worthy. But they both decided being the most powerful financier in all the land was worth it. And therefore, when the treasury market convulsed, they responded with clever money printing stratagem.

When they manipulate the treasury market by printing money to cap yields, it creates dollar liquidity which flows into Bitcoin and crypto. I will cover two such episodes where Yellen and Bessent changed the game, and Bitcoin responded positively. The first episode was in late 2023 when Yellen issued more bills than bonds. The second episode is right now when Bessent intervened in the dollar-yen market and then upped treasury buy back notional. Bitcoin ripped off its lows after Yellen announced her money printing scheme, and I argue it will do the same after Bessent reestablished his conviction to follow in his predecessors’ footsteps and materially increase the pace of dollar liquidity creation."

Read the full essay on my cryptohayes substack.