We're going to kick things off with a bit of a banger here.

He spent the first quarter of 2026 in self-imposed silence called crypto a no trade zone

while the rest of the market tried to find a floor and will be taking the consensus main stage this morning to tell us exactly when he plans to flip the switch back on Chief Investment Officer of Mailstrom and co-founder of Bitmex, Arthur Hayes, joins the show, Arthur. Hello. Nice to see you. I expect to see you guys. Great to have you here. Yeah, thank you. All right, we're in Miami. Obviously. You told me... Thanks, Jen. Yeah. I think the last time we spoke, you said you were excited about hitting the club. Yeah. And so? I hit it really hard three days in a row. You did. Yeah, it was great. F1 weekend was amazing. Thank you for having this conference and finding me an excuse to come here.

Well, thank you for showing up.

I mean, three days in a row, and now you're here.

All right, you heard my intro.

You published your No Trade Zone essay.

What happened in Q1 that changed your calculus since the last time you and I spoke?

So obviously we had the sort of AI scare in the

first quarter tech stocks got crushed for these SaaS stocks in the United States. And I put out a

thesis that I think Bitcoin was telling us that there's not enough money being created to forestall

this AI deflationary event of people losing their jobs, not being able to service their debts.

And that's what Bitcoin was telling us.

And that progressed up until February 28th, when the US and Iran war started.

And I think we switched into a wartime economy, not only in the United States, but across the world.

And that means more money printing.

And at least in the United States, that's going to mean that the Fed, and I think the commercial banking sector is going to take up the baton and start issuing loans, increasing credit,

and that's why Bitcoin has outperformed the NASDAQ, tech stocks, and gold since February 28th.

Arthur, we keep hearing about this potential of AI to really reimagine the entire sort of labor ecosystem.

Where do you think this is going in the next two, three, four, five years when it comes to, like, this disruption?

Is it a slight disruption? We saw Coinbase's announcement this morning, or is this a major one that we should all be prepared for very soon?

So because, at least in some advanced Western economies like the United States,

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