Arthur Hayes Says Fed’s Japan Yen Plan Will Pump Bitcoin

Arthur Hayes says a Fed plan to help Japan defend the yen will print new dollar liquidity, and he argues that liquidity will pump Bitcoin (BTC).

Hayes co-founded BitMEX and now runs the Maelstrom family office. He has built a reputation for macro calls that tie Fed and Treasury policy moves directly to crypto prices.

How A Yen Rescue Becomes Dollar Liquidity

The mechanism he describes is real, though its scale is not yet confirmed. It runs through the Foreign and International Monetary Authorities (FIMA) Repo Facility, a Fed program that lets foreign governments post US Treasuries as collateral for short-term dollar loans, instead of selling those Treasuries outright.

Treasury Secretary Scott Bessent has said Japan holds $1.143 trillion in US Treasuries. Under Hayes' scenario, Tokyo repos part of that stockpile for dollars, sells the dollars for yen, and reinvests the yen into domestic bonds and stocks.

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