Arthur Hayes

The underlying cause is the Fed is not printing as much money as we thought they would print as fast.

And the technical thing is the government shutdown – sorry, the debt ceiling fight ended on July 4th, and the U.S.

Treasury essentially had to pull a trillion dollars out of the economy to rebuild its checking account.

And that's essentially at a very –

simplistic manner why Bitcoin all of a sudden caught up with that destruction of credit and is previewing what could happen to equities if the Fed doesn't change course.

Now, starting on December 1st, quantitative tightening, i.e.

the balance sheet reduction of the Fed, ends.

The U.S.

banking system is starting to issue more loans, and these are loans that are going to the industrials that the Trump administration wants to build things, whether that's weapons or nuclear or semiconductors or rare earths, what have you.

The banks are starting to lend to those companies who are now getting government guarantees for contracts that only accelerate.

So I think this little bit of period of weakness in crypto is –

Very minimal.

We'll keep going back up as credit expands.

The quantitative tightening ends at the Fed.

Trump gains control of the Fed sometime in 2026.

And money is printed in some way, shape, or form.

There's also the housing market.

A key policy of the Trump administration is to pump housing.

It's a key policy of every single administration.

I don't care if it's Republican or Democrat.