Arthur Hayes

Bitcoin's basically right where it was when he first won in November of 2024.

Success, failure, doesn't matter.

You got an opinion on that or you don't give a shit?

How has your view on some of this stuff changed after your legal situation with the United States?

It hasn't changed at all.

I had the same opinion before.

I had the same opinion afterwards.

Yeah.

You mentioned earlier Zcash and Hyperliquid.

You explained Hyperliquid.

What's your thesis on Zcash?

When you look at these privacy coins, is this something that really stays outside the system?

We shouldn't expect to see the banks, the large financial institutions embracing this stuff.

And it's not only the privacy in terms of the actual usage, but it is the thing that doesn't get pulled into the system like we're seeing with maybe Bitcoin with ETFs and all this stuff.

What are you bearish on in crypto?

Like, what is everyone else excited about that you're like, you guys are idiots?

I do think that there's this balance between the crowdfunding idea versus execution, but the idea that your customers, your community members, whatever, have an economic stake feels pretty important.

And in a weird way, like the Trump accounts or Invest America accounts that they're talking about where they're going to give $1,000 to every baby, it's kind of the same thing.

They'll say, hey, every citizen is going to get an economic stake in the system, and we think that's going to have all these great benefits.

That's just a very, very generalized version of what an ICO was, right?