BitMEX founder and former CEO Arthur Hayes believes Bitcoin will continue to outperform traditional assets as the US adopts an economic model that mirrors China’s state-led capitalism under President Donald Trump’s administration.

Hayes said in a recent blog post that inflation and a weakening dollar will drive Bitcoin’s value higher in the coming years as government intervention and debt-fueled growth take center stage in US economic policy.

Hayes further projected that such a scenario would eventually push Bitcoin to a price of $1 million.

Trump’s economic agenda

Hayes drew a sharp comparison between Trump’s economic policies and China’s “socialism with Chinese characteristics.”

While the US has long distanced itself from a pure capitalist model, Hayes argued that Trump’s proposed policies increasingly reflect a China-like approach, where the government plays an active role in reshaping markets, promoting industry, and supporting domestic production.

He explained that Trump’s emphasis on reshoring critical sectors like semiconductor manufacturing and defense marks a significant shift toward a state-directed economy.

According to Hayes, this shift began during the COVID-19 pandemic when the US government distributed direct payments to citizens — an unprecedented move aimed at stimulating consumer spending. Hayes referred to this as “QE for poor people,” with the government injecting trillions of dollars directly into the economy.

As a result, money circulation increased, consumer spending surged, and economic growth was revived. Hayes anticipates that similar policies will continue, contributing to rising inflation and further debt accumulation.

Bitcoin is a key hedge

Hayes expects Bitcoin to benefit significantly as the US government expands its debt to finance industrial and consumer programs. He added tha

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Author: Assad Jafri