Arthur Hayes: Treasury Secretaries will ultimately choose to print money, Bitcoin will keep rising BitMEX co-founder Arthur Hayes published an article titled 'Same Same But Different,' stating that no matter what the U.S. Treasury Secretary says, they will ultimately choose to print money. He gave an example of Treasury Secretary Besant recently announcing an increase in long-term Treasury bond buybacks. Essentially, this is the same as what Yellen did at the end of 2023—releasing reverse repo funds by issuing more short-term Treasury bonds. Both moves aim to suppress the 10-year Treasury yield when it approaches 5% by printing money and injecting dollar liquidity into the market. Hayes recalled that Yellen's operation back then released about $2.4 trillion in liquidity, which helped Bitcoin start rising from its post-FTX collapse low. Now, Besant faces the same issue. Although the first round of buybacks isn't strong enough, market pressure will force him to ramp up further. Hayes predicts that regardless of the pace, liquidity will eventually be injected into the market, and Bitcoin will continue to rise. His fund, Maelstrom, is already fully long, holding Bitcoin, Ethereum, Ethena, and http://Ether.fi. However, he also advises non-full-time traders not to use leverage.