Bitcoin & Crypto Won't Pump Until the AI Bubble Bursts! | Arthur Hayes

**Arthur Hayes** (0:00)
Anyone can use this technology, as long as you follow the rules that are enshrined in code. I don't think there's no problem with these ETFs existing. It's just that the people who buy these ETFs are looking for a price return. They don't actually want to use Bitcoin.

**Tony Edward** (0:13)
Do you short in the bear market and then go long when it's flipping back bullish?

**Arthur Hayes** (0:17)
I don't go short, pretty much ever.

**Tony Edward** (0:25)
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Hey folks, welcome in to The Thinking Crypto Podcast. I'm your host, Tony Edward, and joining me today is Arthur Hayes, who is the co-founder of BitMEX and the Chief Investment Officer at Maelstrom. Arthur, great to see you.

**Arthur Hayes** (3:00)
Good to be speaking with you again.

**Tony Edward** (3:02)
Yeah, Arthur, we spoke over a year ago. The market has certainly changed. How are you surviving the bear market, man?

**Arthur Hayes** (3:09)
Fine. I'm making some money doing some altcoin, shitcoin trading. I mean, I'm long Bitcoin just structurally, so it goes up, it goes down, the number on the screen changes, it's whatever. I don't use a lot of leverage, if any at all, so I'm not really impacted by the volatility of the markets.

**Tony Edward** (3:27)
So yeah, I was going to ask, do you short in the bear market and then go long when it's flipping back bullish?

**Arthur Hayes** (3:33)
I don't go short, pretty much ever. I think it's very difficult to trade on the short side because the maximum you can make unlevered is 100%.
Something goes to zero, but the maximum loss is infinite. So I don't like those types of bets. And this is why I pretty much never short anything.

**Tony Edward** (3:51)
Do you swing trade at all? Like buy spot, you know, like they say, buy the dip, sell the rip.

**Arthur Hayes** (3:58)
I mean, we basically trade a lot of shit coins, obviously, you know, and we take the money that we make and we buy more Bitcoin.

**Tony Edward** (4:06)
Got it, got it. So the question, Arthur, many people have at his top of mind, are we close to the bottom? You know, there are a lot of signals forming on the charts, bullish divergence on the weekly chart, USDT stablecoin dominance, bearish divergence. What are you seeing from your perspective?