Overview
- Hays detailed the thesis in a Sept. 23 Substack essay and Seoul remarks, proposing that the administration could stack the Federal Reserve’s Board to secure FOMC control by early 2026 and cap rates through yield‑curve control.
- His model assumes combined Federal Reserve and commercial bank credit growth of about $15.2 trillion through 2028, with the Fed purchasing roughly half of new Treasury issuance as foreign demand declines.
- He links credit expansion to Bitcoin via a historical responsiveness of around 0.19 observed during the COVID period, which he uses to extrapolate a potential $3.4 million BTC price by 2028.
- He also floated a nearer‑term scenario of about $250,000 by the end of 2025, citing expected U.S. liquidity expansion and potential Fed rate cuts.
- He characterizes the multi‑million figure as speculative and directional rather than precise, and recent sales of sizable altcoin positions underscore his conviction to focus on Bitcoin.