Arthur Hayes

Do you just look at price is actually the truth teller and all of the narrative and what's actually closed and what's not and the citrony?

analyst that's there at the straight taking a picture and like, like all this craziness that goes on, which is frankly like super entertaining, right?

If you're just like a, it's interesting or this stuff, but is it just like the price ultimately is the truth teller, whether the straight is open or not?

Before this whole thing kicked off, my view of the world was there's these deflationary forces.

You had deportations, you had tariffs, you had AI and robotics that were swallowing the US economy.

You started to see some prices start to come down, at least in the metrics.

And I think that people started to price in the fact that maybe deflation is a bigger risk than inflation.

all of a sudden oil spikes like this now people start freaking out they immediately jump to like you know sky-high inflation is coming back we're gonna get the covid numbers all over again how do you think about the battle between inflation and deflation and do you care what what the actual answer is inflation and what you want deflation sorry deflation and what you want inflation and what you need right um

What about Kevin Warsh when he comes into the Fed?

Do you think that he is going to do one thing or the other, or do you feel like he's a pretty rational person that's just going to look at the data?

Like a strategy for men.

Let's talk about gold.

Obviously, that had a fantastic run.

It seems like a lot of central banks were buying up gold.

But now we see Iran is supposedly going to charge this tax in the straight.

They're not asking for gold.

They're asking for Bitcoin.

And so it does seem like there are multiple use cases for a non-sovereign kind of neutral asset.

But depending on if you are using it for defensive purposes or you're using it for payments, it seems like gold and Bitcoin now are being interchanged.

But this like non-sovereign asset use case is pretty front and center over the last 18 months or so.