Overview
- Arthur Hayes published an essay titled “The Butterfly Touch” that ties AI infrastructure plans and the US–Iran conflict to looser credit in dollars and yuan.
- He says Bitcoin already bottomed near $60,000 and expects a faster climb once the price clears $90,000 because call option sellers may need to buy back.
- He sets $126,000 as the next destination for Bitcoin and calls a return to the prior peak a foregone conclusion under rising liquidity.
- He plans to take Maelstrom, his investment firm, to maximum risk unless conditions change, naming HYPE and ZEC as large positions with NEAR as his next trade.
- He argues some countries could fund defense and infrastructure by selling US assets, pushing the US to use dollar swap lines or looser bank rules to keep cash flowing.