How do you have a recession when the government is like 30% of GDP?

It's almost mathematically impossible, which it is right now.

Welcome to Bankless, where today we explore how notable crypto trader Arthur Hayes is positioning his crypto portfolio at the end of this

2024 going into 2025.

This is Ryan, Sean Adams.

I'm here with David Hoffman, and we're here to help you become more bankless.

All right, first we've got to get this out of the way.

We've recorded this on Election Day.

So literally the day America is showing up to vote at the polls, we don't know who won

the election at the time of recording.

Neither does Arthur. He's like literally getting ready to go to bed. He's in a different time zone.

But the good thing is Arthur doesn't care.

Yeah, it's kind of fitting.

It's not actually relevant. He says the elections are relevant. So it actually kind of fits.

It doesn't matter according to him. We talk about that in the first part of it. But to him, the outcome is really the same,

no matter what. In addition to the election, we also talk about the Chinese property bubble

and the coming money canon, which Arthur thinks will be bigger than the COVID stimulus.

We also talk about the Fed's next move and why Treasury is sucking all the oxygen out of the room.

He has some choice words and labels for Jerome Powell. Arthur has a lot of

choice words, so some viewer discretion might be advice. Don't listen to this one with kids in the car.

There you go. Yeah, thanks David. We should shout that out. He also tells us his positioning for the

prospect of recession and war. And then we get into his crypto portfolio, what he's holding and why.

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