99Bitcoins Exclusive: “Invest in All” Declares Maelstrom CEO At Token2049 Abu Dhabi
During his “Full Send” keynote at the Token2049 event held in Abu Dhabi on April 30, 2025, Arthur Hayes, CEO of Maelstrom, reaffirmed his optimistic stance on crypto asset markets. “It’s time to take long positions on everything,” he stated.
He elaborated that a comparable crypto market scenario was seen in September 2022 when central banks worldwide were aggressively increasing interest rates, treasury bonds faced their worst performance since 1812, volatility was soaring, and the trading market was experiencing a downturn, primarily due to the FTX collapse.
He stressed that amidst the turmoil, Janet Yellen, the former Secretary of the Treasury, set the stage for a significant recovery. In 2022, the treasury injected two and a half trillion dollars by depleting the reverse repo program and opting for more short-term debt issuance over long-term debt, effectively channeling available volume into riskier assets.
Arthur Hayes: “#Bitcoin to Reach $1M by 2028”
At Token2049 in Dubai, Maelstrom’s CIO Arthur Hayes reiterated his extremely bullish prediction—$1,000,000 $BTC by 2028.
— THE MENACE
Consequently, both BTC and gold surged. Bitcoin itself experienced an increase of over 100% from late 2022 to early 2024. He notes that this occurred while the Federal Reserve (Fed) was believed to be tightening.
Hayes pointed out that genuine market fluidity originates from the Treasury rather than merely the central bank.
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Analyse Move Index: Crucial Insights from Hayes’s Token2049 Keynote
In his Token2049 keynote, Hayes spotlighted the MOVE index as an essential gauge, mentioning that when it exceeds 140, policymakers tend to act promptly.
He stated, “With this index, it’s around 140. You see an immediate response from policymakers.” He stressed that people are currently reluctant to invest in crypto assets like Bitcoin due to uncertainties wrought by US President Donald Trump’s tariffs, which have severely disrupted financial markets.
The initial announcements spurred a trading market crash; however, there was a marked sense of relief following a 90-day pause on the tariffs.
He further remarks that Fed Chair Jerome Powell does not align with Trump’s views and is unlikely to intervene to remedy the market. Additionally, with tech stocks plummeting in April 2025, the overall risk appetite appears diminished.
After the tariff announcement, the MOVE index recorded an intraday peak of 172, an event that has occurred only thrice previously, resulting in a nearly immediate response—Trump’s decision to pause the tariffs for 90 days for all except China.
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Treasury Buy Back Program: Not Quantitative Easing, Yet Still Bullish
Hayes clarifies that Bessant’s Buy Back program is not technically classified as money printing because the US Treasury employs it as a budget and supply-neutral method to manage the leverage received by marginal buyers of treasury debt.
He further notes that the US government is financially strained, with its expenditures surpassing revenue by 22% annually. The private sector is similarly depleted, as households have exhausted their COVID-related stimulus and are unable to incur additional debt. Furthermore, foreign governments like China and Japan are scaling back their US bond purchases in light of the dollar’s weaponisation (freezing Russian assets).
Hayes concludes by asserting that the US must cover its deficits through domestic financial maneuvering, implying more concealed liquidity injections. Linking the dots of a structural US deficit, dwindling demand for US treasuries, an ongoing requirement for market fluidity influx, and a growing global skepticism towards fiat currencies leads to the conclusion that BTC is poised for significant appreciation.
“April 9, 2025, was merely the beginning. Bitcoin soared 30% after the latest market fluidity wave commenced. By 2028, I predict we are looking at a $1,000,000 BTC. Not due to a change in Bitcoin itself — but because the fiat system is fundamentally and irreversibly flawed.”
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Key Takeaways
- Arthur Hayes, Maelstrom’s CEO, affirmed Bitcoin will reach $1,000,000 by 2028 at Token2049
- A MOVE index of 140 and higher triggers immediate policy intervention
- The US must finance its deficits through domestic financial engineering, i.e., stealth liquidity injections.
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