Arthur Hayes has published a new essay called "The Periphery", the main points are: 1. The cryptocurrency market is growing due to US foreign policy, especially regarding Israel's military efforts against Hamas.2. Institutional investors, anticipating increased U.S. military spending, began selling off bonds and Treasury bills in search of alternative asset classes for profit.3. If long-term US Treasuries no longer provide investors with security, they will turn to alternatives such as gold and Bitcoin.4. Gold and Bitcoin will rise amid genuine fears of global wartime inflation.5. Bitcoin jumped above $30,000 on false rumors that the SEC had approved Blackrock's Bitcoin spot ETF.6. This is the trigger, and it's time to start the transition from short-term US Treasury bills to cryptocurrency. “The first stop is always Bitcoin, then Ethereum and finally my favorite shitcoins.”
