Why Hayes Thinks Bitcoin’s 2025 Weakness Was a Liquidity Story

[johnblockbuster]

Hayes pushed back against bearish narratives around Bitcoin’s 2025 performance, noting that Bitcoin fell while gold surged and tech stocks rallied. In his view, this divergence wasn’t a failure of Bitcoin, but a reflection of tightening dollar liquidity, which reduced capital available for crypto markets.

Meanwhile, tech stocks continued to rise because AI investment has effectively been “nationalized” in the US and China through policy support and government spending. Hayes emphasized that Bitcoin remains “monetary technology,” whose long-term value depends on ongoing fiat debasement. If liquidity expands again, he argues, Bitcoin’s path back toward six-figure prices becomes far more likely.

[ed]

not bullish or bearish but the ai stuff being basically state-funded explains a lot