Arthur Hayes

So I,

I want to believe in that, and I'll be positioned in my portfolio for, yes, aggressive money printing.

Maybe there's a backlash to that because the inflation gets too unbearable in a lot of countries, and so you have to have political rhetoric that sort of at least tries to pretend that there's austerity.

And then we have sort of this AI – not miracle, but –

labor is cheaper, knowledge work is cheaper, and we have a better human existence in terms of more things to enjoy of just being ourselves and, you know, communing with each other.

So I think for stablecoins is a way – the reason why the Trump administration supports stablecoins is they see it as a way to shove treasury debt down the throats of the global population at very attractive rates.

And so I think that in 2026, you're going to start seeing –

big tech platforms and the large banks have their own stablecoin or be distribution platforms for things like Tether and Athena and Circle, USDC to get these stablecoins out there.

So you will be more familiar with sending each other a stablecoin than you are with going on to your online banking system and sending somebody a bank wire.

I think that's going to accelerate very, very quickly, especially for Gen Z and millennials who already are comfortable with online banking.

And that's going to lead to a proliferation of stable coins.

And people are going to be using DeFi.

They're going to be comfortable with these solutions.

And then there will be a lot of banks that no longer are relevant.

There'll be some like AP Morgan and Goldman Sachs who are agile enough to survive.

But your average bank, I mean, I go online, I use a lot of banks.

Most of their technology is trash.

And now you're going to say, oh, I can literally move my money from my bank to this app where it does everything.

I got an AI assistant to help me.

I don't have to deal with humans at work nine to five, only five days a week, and who are very annoying to deal with.