Arthur Hayes: "They're Going to Print the Money" — Hyperliquid, War, Hard Assets & the Macro Endgame

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**Arthur Hayes** (1:27)
The longer this war goes on, the more expensive it gets. The more expensive it gets, the more likely that the Central Bank, at least in the US and probably Europe, will print money to do what they need to do to support their nation's economic blocks, war efforts.

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**Chris Perkins** (1:54)
Ladies and gentlemen, welcome back to the Wealthion Podcast. My name is Chris Perkins and today we're back with my friend, Arthur Hayes. What's going on, man?

**Arthur Hayes** (2:03)
I'm great. Thanks for having me.

**Chris Perkins** (2:05)
Always. There's so much going on right now. We got bombs flying back and forth to the Middle East. I don't know if I ever told you this, I'm an Iraq vet, so I'm obsessed and I'm watching every move that's going on. Wanted to get your take as geopolitical tensions are kicking off. What does this mean for you, your portfolio, Bitcoin? How are you thinking about things right now from a macro perspective?

**Arthur Hayes** (2:30)
I think, again, I didn't serve in any military, never served, so my knowledge of anything military, like actual knowledge is like zero. I guess read the propaganda that I see in the newspaper.
If I want to think about what are the actual things I can do, my whole thesis and I want to not say about this is the longer this war goes on, the more expensive it gets. The more expensive it gets, the more likely that the central bank, at least in the US and probably Europe, will print money to do what they need to do to support their nations, their economies, blocks, war efforts. That's my whole thesis around this war. I couldn't tell you who's going to win or lose. I don't know why people are doing what they're doing. I have no idea. I just read the news and I know that's wrong. So I would say, okay, well, it's day, what, four or five of this conflict. Trump said it could go five, you know, four more weeks, five more weeks. You have some analysts say it's only going to be a week and there's some grand strategy that no one has told us about and some objectives that we don't know. Again, I don't know. So I'll just wait and see. And in terms of my portfolio, I'm doing nothing, exactly nothing. And just sitting here and watching.

**Chris Perkins** (3:40)
Yeah, like for most folks, I think seasoned investors like yourself, like you kind of like geopolitical doesn't impact, you know, your portfolio as much as other things, right? Where bad things happen, the market dips and it recovers and it's back to liquidity and other things. The one thing that I've noticed, and I know you're a big hyperliquid guy, is that between Venezuela and Iran, the one thing that's shined very brightly is that you can have real-time pricing for commodities and assets 24-7.
Is this been kind of a vindication of your thesis on things like hyperliquid? And for those who don't understand, hyperliquid is this perpetual's futures deck, where you can actually now, there's something called HIP3, where you can actually trade commodities and they trade 24-7. They don't shut down. You know, Arthur, I think you've talked about this for a long time. Is this like really regalvanized your hyperliquid thesis? Yeah.

**Arthur Hayes** (4:36)