Hi, everyone. Welcome to Unchained. You're no hype resource for all things crypto. I'm your host,

Laura Shin. Thanks for joining this live stream. Today's guest is Arthur Hayes, CIO of Mailstrom.

Welcome, Arthur. Hi, thanks for having me again. Yeah, excited to chat. So we've had you so many times on the show. And I would say if I were to just

condense your thesis for Bitcoin and crypto down to one thing, it usually involves money printing.

And I'm sure you're very well aware that Trump is saying that, you know, the ceasefire in Iran

is on life support.

You know, we're seeing this prospect of potentially like some kind of energy crisis looming.

And your recent crypto-haze substack piece starts with you anticipating what you describe as the incipient bull market.

I'd love to hear why do you think that a bull market is around the corner?

So I think at the end of the day, wars are inflationary, especially the U.S. around war is no different.

And what's happening in terms of AI and defense and commodity stockpiling, I think, points to inflation around the world and pretty

much any fiat currency you can imagine, especially in the United States.

And if you take a look at what Trump has done, whether you agree with it or not, you know,

if you think about the themes that are going to continue past whatever happens with

the how this war ends or you know continues into perpetuity is nations are going to spend on

AI and drones nations are going to spend on redefining their supply lines whether that's

building pipelines sourcing goods from other countries, stoppiling commodities.

And these two things together lead to an inflationary environment, and the central banks

and the commercial banks are going to step up to the plate and create the credit needed

to make sure that this happens, at least in developed markets or very wealthy sort of non-developed

markets. So unfortunately, if you're in Bangladesh, you're fucked. If you're in Philippines, you're

fucked. People might starve. People might die. But at the end of the day, most people don't

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