Fed chairperson Jerome Powell has been at the receiving end of significant backlash for his stance on implementing the same approach that helped the US get rid of inflation several decades ago. This strategy has been strongly contended by BitMEX founder Arthur Hayes while pointing out the difference in economic and monetary conditions in the US today from what they were in 1980.
Hayes said the Fed is doomed to fail if it continues to run the same playbook, particularly given that the current debt profile is four times larger than it was over 40 years ago.
The mishaps in the fiat sector, however, can benefit crypto such as Bitcoin. In fact, Hayes is of the opinion that Bitcoin’s value proposition lies in the asset’s ability to counteract a fiat system that he describes as “flawed, corrupt, and parasitic” in nature.
Bitcoin: Antidote for ‘Parasitic’ Fiat Banking System?
In the latest blog post titled ‘Kite or Board,’ Hayes pointed out that the Federal Reserve plans to tig
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