Arthur Hayes: Bitcoin will benefit from the retreat of the US dollar reserve system and the global de-dollarization trend.

On April 5, Arthur Hayes, co-founder of CEX, said in an article that "the era of U.S. Treasuries (and to a lesser extent U.S. equities) as a global reserve asset is coming to an end." Since Nixon decoupled the dollar from gold in 1971, the total amount of U.S. Treasury debt has grown 85-fold. The United States had to create a credit currency that matched global economic growth. That's good for some Americans, bad for others. Trump's election was driven by those who felt they had not shared in the "fruits of prosperity" of the past 50 years. Once the U.S. current account deficit is eliminated, foreigners will not be able to use dollars to buy U.S. bonds and stocks. If countries begin to shift to "country first" policies to boost their economies, they will sell off their holdings of U.S. bonds and equities for local currency liquidity. Even if Trump later softened his stance on tariffs, no Treasury secretary or head of state would dare to bet that he would not repeat it. Therefore, it is impossible for the world to return to its former state. Every country must fight for itself. Gold will return to the stage as a neutral reserve asset. The U.S. dollar will remain the global reserve currency, but countries will settle global trade by holding gold. Trump has hinted at this, because gold is tariff-free! In the new monetary system, gold must circulate freely and at low cost. Today, those who have benefited greatly from the old system are still in denial, and they are immersed in the illusion that everything will eventually return to "normal". Ridiculous. Those who want to adapt to a return to the pre-1971 global trading order should buy gold, gold miners, and Bitcoin (BTC)."