Bitcoin's Value Driven by Fiat Liquidity, Says Maelstrom CIO

Arthur Hayes, Chief Investment Officer (CIO) of Maelstrom, made a notable statement at Consensus Miami 2026 regarding the value proposition of bitcoin. He posited that the cryptocurrency's value lies in its ability to exist outside of regulatory control.

In his argument, Hayes emphasized the importance of fiat liquidity, or the availability of units of fiat currency. According to him, this is what drives the price of bitcoin and other cryptocurrencies. The more money printed by governments worldwide, the higher the value of bitcoin will be in fiat currencies, he claimed.