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gm: Arthur Hayes Says Crypto Failures Are A Sign of The System Cleansing Itself
Arthur Hayes says the speed at which projects like Terra grow and then implode is a feature of the crypto industry, not a bug. He founded crypto exchange Bitmex in 2014 and then became the original crypto bad boy. In 2021 the DOJ charged him in with violating the U.S. Bank Secrecy Act for not implementing an anti-money laundering program at Bitmex. He plead guilty and was sentenced to two years probation and six months of home detention. In fact, he was still sporting an ankle bracelet on a recent cover of New York Magazine. Now he's living in Singapore, offering up his views on the crypto industry with long form, meme-filled essays, and still thinks the crypto industry will save investors from what he calls a broken banking system. "I don't care if you're capitalist or you're a communist. Everybody put on a lot of debt. We've passed the point where that debt is becoming useful," he said. "And therefore everyone is going to take an L unless they get some crypto or some gold—some hard asset that's outside of the traditional banking system."
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Be sure to join the gm Telegram room for direct access to our hosts and guests.
Hosts and guests:
Dan Roberts
Twitter: @readDanwrite
Stacy Elliott
Twitter: @stacyannj
Arthur Hayes
Twitter: @CryptoHayes
Podcast thumbnail art by Grant Kempster
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