De-dollarization and impending capital flight from the US will boost Bitcoin, says BitMEX founder Arthur Hayes

BitMEX co-founder and crypto veteran Arthur Hayes says Bitcoin (BTC) is a likely winner in the battle for US dollar dominance.

In a new blog post, Hayes tells his 73,000 followers that China’s efforts to get other countries to steer clear of the dollar when trading certain commodities, such as oil, will likely lead them to seek to diversify their assets.

He says countries will likely eventually discover that Bitcoin is one of the best assets to store value.

“As countries begin to look after their own well-being instead of serving as slaves to the Western financial system, central banks in the Global South will diversify how they conserve their international trade revenues. The first choice will be to increase gold allocations, which is already underway. And as Bitcoin continues to prove it’s the hardest money ever created, I expect more and more countries will at least consider whether it’s a viable savings vehicle alongside gold.”

Hayes predicts there will come a time when there will be “differing currency blocs but no global reserve currency hegemony” and “less demand for US financial assets,” which would give Bitcoin a key role.

“Don’t let the financial media portray this as an either/or decision between the dollar and the yuan. Don’t let the Empire’s lapdogs convince you that, due to certain “faults” in the Chinese economy, there is no currency ready to dethrone the mighty dollar. They play on deception – in the years to come the world will trade a variety of currencies and then save in gold when needed and maybe bitcoin sometime in the near future.”

Bitcoin is trading at $27,305 at the time of writing, down 3.4% over the past 24 hours.

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