The co-founder of BitMEX spoke in Dubai at the TOKEN2049 conference. Arthur Hayes said the government is trying to keep household income negative. The entrepreneur spoke about the advantages of Bitcoin over fiat currency and gold.
Investor and co-founder of the BitMEX cryptocurrency exchange Arthur Hayes spoke in Dubai at the TOKEN2049 conference. Oh spoke about the problems of the existing financial system, US monetary policy and the advantages of Bitcoin. The editors of Incrypted attended the event and collected key points from Hayes' speech.
According to the entrepreneur, the government is making efforts to make the income of the population negative. Hayes also believes that the Federal Reserve System (FRS) and other US government agencies are maintaining current monetary policy aimed at reducing real yields.
Arthur Hayes at the TOKEN2049 conference. Source: Incrypted.
In his opinion, GDP indicators and various statistics announced by national governments largely contain artificially obtained figures. This is done to keep the population on edge, Hayes said.
As for banks, they have turned into archaisms of the financial sector, says the investor. Their main disadvantage lies in the inability to make money mobile, he believes. As an example, Hayes cited any transaction with American financial institutions.
The solution to the problems of the existing financial system lies outside its borders, he emphasized. One of the alternative tools for saving money is gold, according to the investor. He called the precious metal a historical choice that has served the said purpose for thousands of years.
Hayes noted that gold has a number of disadvantages related to the complexity of movement, the risk of physical confiscation and other factors. For this reason, Bitcoin acts as the most suitable tool for saving user funds, the entrepreneur emphasized.
Arthur Hayes at the TOKEN2049 conference. Source: Incrypted.
The first cryptocurrency has all the advantages of the mentioned precious metal, but is free from its disadvantages, said the co-founder of BitMEX. He called for more interest in Bitcoin and not to sell it after the next rally.
Hayes believes that the asset should act as a permanent storage facility that will allow people to get rid of excessive government influence.
Let us recall that we wrote that Arthur Hayes predicted a new banking crisis in the United States.