Bitcoin To $15 Million Possible Once Powell Is | Crypto News
Arthur Hayes believes the long arc of US coverage now factors toward money creation on a scale that might push Bitcoin into “multi-million” territory—and, in a more excessive state of affairs, as high as $15 million per coin. In a wide-ranging interview hosted by CoinFund’s Chris Perkins, the BitMEX co-founder and famous macro commentator tied the trail of Bitcoin explicitly to a looming political and institutional showdown at the Federal Reserve, arguing that Jerome Powell can delay—but not in the end forestall—the return of aggressive stimulus under a Trump administration.
Bitcoin To $15 Million Possible Under Trump?
From Jackson Hole, where markets are braced for Powell’s remarks, Hayes framed the near-term setup as a check of the Fed chair’s pleasure and independence in the face of overt political stress. “Supposedly Powell is this Volcker 2.0… Do I think there’s a high probability that Powell sticks it out and just says f*** you to Trump and doesn’t cut just because he’s a human and human beings don’t like to be put in these sort of situations? Yes,” Hayes said.
He added that while “ultimately the Fed will cut at some point,” the chair might refuse to signal imminent easing now exactly to reveal autonomy: “What a better way to prove that you are an independent monetary actor than to say no, I’m sticking with my guns.”
That posture, however, only postpones what Hayes sees as the inevitable: an overtly inflationary coverage combine once Powell is changed or overruled. “Trump and Scott Bessent have laid out exactly what they want to do. Run it hot, inflationary,” he said, utilizing the interview to increase a thesis he plans to publish next week on how Washington might weaponize stablecoins to finance the state while marginalizing the Fed’s control over front-end charges. In a line that doubles as both meme and coverage critique, Hayes previewed his framing: “I changed the meme… it’s going to say it gets, you know, it puts the dollars on its skin or it gets the sanctions again.”
Hayes contends the coverage lever is simple: pull trillions sitting in the offshore eurodollar system into on-chain greenback stablecoins by withdrawing de facto ensures for non-US bank branches and by deputizing US big-tech platforms to distribute yield-bearing greenback accounts globally—backed by Treasury payments. He estimates the whole addressable pool at $10–13 trillion from eurodollars alone, with extra “foreign retail deposits” across rising markets.
Once that capital sits in stablecoins, he argues, the Treasury can place payments “at whatever price [it] wants, unconstrained by what Powell or whoever his successor does,” successfully neutering Fed funds while creating a “sink of tens of trillions of dollars” to finance deficits. The geopolitical enforcement mechanism, in his telling, is blunt: deny access to US financial rails—or sanction international elites—if local regulators resist.
The market affect, he says, is unambiguously bullish for crypto. With on-chain {dollars} paying a modest yield, customers can frictionlessly transfer into basis-trade tokens, spend with crypto money playing cards, and post stablecoins as collateral across DeFi. “TVL… should go into the tens of trillions pretty quickly if… US monetary authorities follow through on this national policy of pro-stablecoin and let’s shove dollars to all these places in the world.”
Against that backdrop, Hayes locations Bitcoin at the apex of the risk spectrum. He calls it “the best performing asset in human history since it launched in 2009,” and rejects the concept that latecomers have missed the transfer: “I wouldn’t say that just because you’re coming in at 2025 and Bitcoin’s at 120,000 or whatever it is that you’ve missed the boat. We still have a long way to go.”
Pressed on price, Hayes hyperlinks the $15 million determine to a specific personnel consequence at the Fed: “If that guy [Zervos] gets in, you know, Bitcoin will be at like 15 million because he’s just going to do yield curve control, you know, printing money, immediate 300 basis point cuts.”
While not a base case, the state of affairs illustrates his conviction that the political economic system factors to structurally looser coverage—and structurally greater Bitcoin. In the instant time period, Hayes stays absolutely invested and is ready to buy weak point around Jackson Hole. “If… Powell… doesn’t talk about cuts at all and market tanks 15–20%, I’ve got some extra cash and I’ll be going shopping.”
At press time, BTC traded at $113,569.
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