Hayes: "Time to Long Everything!"

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 3 May 2025

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Arthur Hayes says it’s time to “long everything”—and in today’s episode, NLW digs into why. Broadcasting from Token 2049 in Dubai, Hayes makes a bold case for an upcoming liquidity wave that could supercharge markets. NLW breaks down Hayes’ forecast, the return of CZ to the public stage, and insights from BlackRock and Goldman on crypto’s next chapter. Then it’s a deep dive into troubling GDP numbers, the rising recession risk, and how the Fed may respond. Finally, we explore Bitcoin’s strategic reserve deadline, wirehouse ETF adoption, and the Treasury’s $2T stablecoin forecast. It’s a full macro + crypto briefing you won’t want to miss. Sponsored by: ⁠⁠⁠⁠⁠⁠Crypto Tax Calculator⁠⁠⁠⁠⁠⁠ Accurate Crypto Taxes. No Guesswork. Say goodbye to tax season headaches with Crypto Tax Calculator: Generate accurate, CPA-endorsed tax reports fully compliant with IRS rules. Seamlessly integrate with 3000+ wallets, exchanges, and on-chain platforms. Import reports directly into TurboTax or H&R Block, or securely share them with your accountant. Exclusive Offer: Use the code BW2025 to enjoy 30% off all paid plans. Don’t miss out - offer expires 15 April 2025! Ledger Ledger, the world leader in digital asset security, proudly sponsors The Breakdown podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now on ⁠⁠⁠⁠⁠⁠Ledger.com⁠⁠⁠⁠⁠⁠. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.3	What's going on, guys? It is Thursday, May 1st, and Arthur Hayes, founder and former CEO of Bitmax, says that it's time to long everything.
0:28.4	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:37.0	You can find a link of the show notes or go to bit.ly slash breakdown pod.
0:40.9	All right, friends, fun one to kick us off today.
0:43.5	Like I said, we have Arthur Hayes today dropping a very quotable line as he is want to do.
0:49.0	And what we're going to do is give you his take on this and then kind of look through the
0:52.7	rest of the news and see whether it all tracks for you. So the context for this is token 2049, which is underway in Dubai with a series
0:59.4	of very high-profile guests. In fact, we've got senior executives from BlackRock and Goldman
1:03.9	Sacks getting their first taste of the crypto conference circuit. I'm so sorry, slash you're
1:08.2	welcome. Now, their talks explained why their firms are betting on crypto adoption and discussed what it
1:12.8	would take for the industry to go to the next level.
1:15.0	We also had CZ's largest appearance since he ended his stretch in federal prison.
1:18.9	He touched on the need for utility and AI meme coins, the EU's sclerotic crypto adoption,
1:23.8	and how freedom money doesn't mean a thing without free speech.
1:27.0	As I said, though, the most
1:28.2	interesting comments for my money came from BitMex founder Arthur Hayes. Now, Hayes is a nimble
1:34.3	thinker. He is constantly taking in new signals and outputting his latest sensibility about
1:39.7	where things are. And for the past six months, he's been going back and forth, recognizing that there are
1:44.9	structural bullish forces building, but not yet pulling the trigger on a big call. That all changed,
1:49.8	however, with his keynote speech, with Hayes declaring it's time to long everything. Hayes compared
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