Crypto’s Next ‘Dominant Narrative’ Will Be Privacy: Arthur Hayes

Arthur Hayes is betting that privateness volition specify crypto’s adjacent trade, arguing that Bitcoin’s organization occurrence has opened country for much adversarial assets similar Zcash.

The BitMEX co-founder laid retired his thoughts connected Tuesday successful a blog station wherever helium disclosed that his household office, Maelstrom, has already built a sizable Zcash presumption and framed privateness arsenic an underpriced effect to expanding authorities surveillance and sanctions enforcement.

“Looking into the future, this year’s ascendant communicative volition situation privacy,” Hayes wrote. He added that Zcash volition go the “privacy beta,” and that Maelstrom is “already agelong a fuck ton of that astatine fantabulous prices obtained successful 3Q25.”

The stance marks a displacement for Hayes, who has typically centered Bitcoin arsenic the superior beneficiary of macro liquidity cycles, and reframes privateness arsenic portion of the aforesaid macro logic alternatively of a standalone bet.

Why Bitcoin Billionaire Arthur Hayes Expects BTC to Hit $200K by March

Hayes tied the privateness commercialized to a broader thesis that U.S. governmental incentives favour assertive recognition expansion, with vigor prices ostensibly moving arsenic the cardinal constraint implicit however acold policymakers tin propulsion stimulus without triggering elector backlash.

He further framed privateness arsenic a downstream effect of sustained deficits, unit to support economies moving hot, and tighter controls connected superior flows, with privacy-focused assets specified arsenic Zcash emerging arsenic an further transmission for crypto demand.

“The ostentation that torpedoes re-election likelihood is of the nutrient and vigor variety,” helium argued, adding that “the cardinal metric for Americans is the terms of gasoline.”

This comes arsenic the U.S. carried retired strikes successful Venezuela and took President Nicolás Maduro into custody up of an quality successful a Manhattan national tribunal this week, wherever helium pleaded not guilty. The determination concisely pushed lipid prices to four-year lows.

“Trump evidently believes that if helium turns connected the tap, lipid volition gush distant from Venezuela into the Gulf of Mexico refineries, and inexpensive gasoline volition placate the plebes by tamping down vigor inflation,” Hayes wrote.

Against that backdrop, Hayes argued that governmental efforts to incorporate vigor prices permission country for continued recognition expansion, supporting Bitcoin and broader crypto markets.

“As the magnitude of dollars expands, the terms of Bitcoin and definite cryptos volition entity rocket,” Hayes wrote.

Decrypt has reached retired to Maelstrom and Hayes for remark and volition update this portion should they respond.

Hayes has been laying immoderate groundwork for this presumption since precocious past year.