Odaily Planet Daily News BitMEX co-founder Arthur Hayes wrote on the X platform that although the Federal Reserve has been trying to curb inflation through continuous interest rate hikes since 2022, the government's huge fiscal spending is still the main reason for high inflation. Hayes believes that due to political pressure and the election cycle, it is difficult for the government to significantly cut spending or raise taxes, which will cause the US economy to continue to hover under the dual pressure of inflation and growth. Faced with this situation, the Federal Reserve may no longer raise interest rates further, and the market itself may respond to high debt financing costs by adjusting interest rates. The 10-year US Treasury yield may climb to 5% again, triggering a new round of fluctuations in the financial market. In addition, Hayes also suggested that US Treasury Secretary Janet Yellen may respond to market instability by issuing more short-term Treasury bonds (T-bills) and adjusting fiscal policy, aiming to increase market liquidity to prevent the financial system from getting into trouble due to rising debt costs. Hayes predicts that these measures will have an important impact on risky assets, including cryptocurrencies. Once the US Treasury Department sends a signal of increasing liquidity, the cryptocurrency market may usher in new opportunities for growth. Especially as global central bank policies continue to swing, crypto assets are expected to become the main choice for investors seeking hedging and risk aversion. Hayes emphasized that although Bitcoin prices may fluctuate in the short term due to liquidity tightening, in the long run, as liquidity is injected back into the market, the bull market for cryptocurrencies is expected to restart. Hayes said, "My change of view has kept my hand hovering over the buy button. I will not sell cryptocurrencies because of short-term bearishness. As I explained, my bearishness is only temporary."