Arthur Hayes: Governments Buy Gold for Power — Individuals Buy Bitcoin for Freedom

Arthur Hayes has never been one to mince words. In a candid, no-nonsense interview with Coin Bureau, the BitMEX co-founder laid out a worldview that slices straight through the noise: governments choose gold because it protects their political power, while individuals choose Bitcoin because it protects their freedom.

“Sovereigns buy gold. People like me? We buy Bitcoin,” Hayes said, summing up a global divide that’s becoming clearer every year. To him, gold and Bitcoin are not competitors — they’re instruments serving two entirely different masters.

Power vs. Freedom: Gold and Bitcoin in a Divided World

Gold is the ultimate “politics-proof” asset. It’s old, trusted, and recognized across borders. Governments can use it to settle trades, back reserves, or project stability without depending on anyone’s permission. Bitcoin, by contrast, is “freedom-proof” — it doesn’t ask, it doesn’t wait, and it doesn’t bend to authority. It’s wealth that lives in your head and moves at the speed of the internet.

For sovereign wealth managers, however, Bitcoin is a career risk. “You could lose your job if you bought Bitcoin and it tanked 75%. You won’t if you buy gold,” Hayes explained. The logic is simple: gold keeps you safe politically; Bitcoin keeps you safe personally. Governments don’t care about your freedom — they care about their control.

Every Bitcoin Cycle Begins with the Printing Press

Arthur Hayes broke down four major Bitcoin cycles — and in every single one, liquidity was the hidden driver. “Every bull run starts when someone somewhere decides to print,” he said.

1. 2009 – The Birth of Bitcoin:
   The Federal Reserve unleashed quantitative easing after a $700 billion bailout. Bitcoin was born from that very moment of crisis — a reaction to endless money printing.

2. 2013 – China Joins the Party:
   China rolled out a massive infrastructure stimulus between 2008 and 2011. “Both China and the U.S. were printing a shit ton of money,” Arthur recalled. Bitcoin soared, then crashed when liquidity dried up.

3. 2017 – The Chinese Liquidity Wave:
   China devalued the yuan and injected new stimulus after the 2015 crash. That liquidity wave fueled the epic 2017 bull run — until the Fed’s rate hikes ended it.

4. 2020–2021 – The COVID Mania:
   With stimulus checks raining down, people “bought Bitcoin, bought cars, bought whatever the fuck they wanted,” Hayes said. Bitcoin hit $69,000 — but when Jerome Powell hinted at tightening, the music stopped.

Now, Hayes argues, we’re entering the fifth cycle. This one, he says, is powered by Janet Yellen, not the Fed. He calls her “Bad Girl Yellen” — the woman who drained $2.5 trillion from the U.S. reverse repo facility to quietly pump liquidity back into markets. That facility, he warns, is now empty. “As long as politicians keep printing, we keep pumping,” Arthur said. He expects the bull run to stretch into 2027 or 2028, fueled by lies, deficits, and denial.

Sovereigns Dump Treasuries, Hoard Gold

The turning point came in February 2022, when Russia invaded Ukraine — and the U.S. froze Russia’s reserves. “They stole Russia’s money, and that was a wake-up call,” Hayes said. It proved to the rest of the world how fragile the dollar-based system really is.

Countries like China, Singapore, and India began quietly dumping U.S. treasuries and “hoovering up gold.” If America could seize Russia’s reserves, it could seize anyone’s. Gold, by contrast, can’t be frozen with a keystroke.

The situation grew even more absurd when Israel bombed Qatar, the world’s top gas exporter — a move that exposed how little control Washington truly holds over its “allies.” “If I’m selling oil in a currency that’s losing 8–9% a year and I’m still getting bombed, why the fuck am I doing this?” Arthur asked.

The result? A global pivot. Saudi Arabia, Pakistan, and other nations are striking new security deals and settling oil trades in yuan, not dollars. The petrodollar order is quietly dissolving.

Still, Bitcoin remains too volatile for state treasuries. “Bitcoin isn’t about politics — it’s about credit,” Hayes explained. Its price tracks dollar liquidity, not ideology. When banks tighten, Bitcoin reacts. When the Fed loosens, it surges. “It’s not about ETFs or memes. It’s dollars.”

Bitcoin for Escape, Gold for Survival

Arthur owns both Bitcoin and gold — but for entirely different reasons. “Gold buys you oil and medicine. Bitcoin gets you out,” he said. Gold is the tool of sovereigns and survivalists. Bitcoin is the weapon of exit and freedom.

He also took a jab at the altcoin crowd, admitting he sold his HYPE tokens for two reasons: “token unlocks and a down payment on a Ferrari Testarossa.” With a grin, he added, “Everyone wants a Ferrari, bro — especially in Singapore.”

He’s planning to buy back in later — once the market reprices risk. “They say Jeff won’t sell. Yeah, right. Everyone sells.”

The Hayes Doctrine: Money Is Power, Freedom Is Exit

Arthur Hayes isn’t predicting the end of the dollar or the death of governments. What he’s describing is a gradual divorce between power and freedom — a world where nation-states cling to control through gold and fiat, while individuals quietly opt out through Bitcoin.

As governments print, spend, and lie their way deeper into debt, Bitcoin keeps whispering the same truth Satoshi wrote in 2009: You don’t have to play their game.

And in a world where “they’ll just print” instead of facing consequences, maybe that’s the most radical freedom left.

If you’re reading this, you’re already ahead. Stay there.