Arthur Hayes' latest podcast: Starting from January 2026, asset prices such as Bitcoin will rise. Currently, 90% of the funds have been invested, and the knockoff season has been ongoing! AI foam is still early to burst Trump has bet on the success of AI in the US economy, which requires sustained debt driven, lower funding costs, and greater quantitative easing. It is too early to short NASDAQ or NVIDIA. The foam is far from bursting. RMP stands for QE, and risky assets such as Bitcoin will hit bottom and rebound The term 'traditional QE' is already 'politically incorrect' because the public has equated it with printing money → inflation, and then directly announcing QE will cause the Republican Party to lose votes. In the future, the loose policy will be renamed, and this time the new name is "Reserve Management Purchases" (RMP). Technically, it is not QE, but the actual effect is the same - financing the Ministry of Finance indirectly through the purchase and repurchase of short-term treasury bond bonds is equivalent to printing money. At present, the market does not believe that RMP is QE. Starting from January 2026, asset prices will significantly improve, and there may be turbulence in March due to concerns about project completion. Subsequently, RMP will be confirmed to continue, and the market will restart. The market will eventually realize that 'this is QE' and asset prices will bottom out and rebound. 90% of the funds have been invested, and the shanzhai season has been ongoing. Let's take a look at the directions related to privacy coins and ZK 90% of the funds have been invested, and we are mainly optimistic about privacy coins and ZK related directions (Zcash). We believe that 2026 will be the time for this field to explode. The shanzhai season has always been here, but the dominant narrative is different every time. Many people miss out because they don't want to take on the risks of new things, but always fantasize that the "familiar old knockoff season" will come back. The real big opportunity always lies in something new and seemingly 'crazy' at the time.