Original title: (Key! Your cryptocurrency may not rise! But these assets can be bought │Arthur Hayes│Bitcoin Conference Vegas 2025 feat. @TheDavidLinReport)
Original author: Arthur Hayes Original source: Bonnie Blockchain
Original compilation: Shenchao TechFlow
· Guest: Arthur Hayes
· Hosts: Bonnie & David Lin
· Broadcast date: June 16, 2025
Summary of key points
In this podcast, Arthur Hayes, the inventor of cryptocurrency perpetual contracts, talks about his expectations for the future economy. He has spent most of his life in Asia and knows the financial markets of Asia very well. He answers financial questions that Asian politicians cannot answer with directness. What does he think of the next trend in the crypto circle? Why does he think most of the altcoins in your hands will never rise again? How does he judge the price trend of Bitcoin?
Summary of Highlights
· The price of Bitcoin can reach $250,000 by the end of this year.
· Retail investors still have a lot of interest in Bitcoin because it performs very well and is the easiest crypto asset to understand.
· Most altcoins may not rise again this year because they lack 'product-market fit,' meaning their products cannot meet market demand. These projects usually have no revenue to return to token holders.
· Compared to stocks or gold, Bitcoin's scarcity and decentralized nature give it a unique advantage in dealing with currency depreciation and liquidity flooding.
· Focus on the 'Narrative' when picking altcoins, which is the story told behind a project and the logic it uses to attract investors.
· Be rational when buying altcoins and avoid blindly following trends.
· The relationship between the US and China will gradually drift apart, but it won't end as quickly as some people predict.
· Most traders don't really care whether the platform is completely decentralized; they care more about liquidity and a wide range of trading products.
· There isn't much innovation in the products of various exchanges, and the fees are basically the same. Therefore, the core of competition lies in marketing.
· There may be a lot of conflict between generations, and governments are likely to choose to print a lot of money to deal with this problem. For governments, this is the simplest and most direct solution.
Bitcoin Price Expectations
David: Can you specify the timeline for Bitcoin to reach one million dollars in 2028? You mentioned earlier that the price of Bitcoin would reach $125,000 by the end of this year. Is this prediction still valid?
Arthur Hayes: I still think the price of Bitcoin can reach $250,000 by the end of this year. Although there may be some fluctuations in the process, this is my year-end target. As for the prediction that Bitcoin will reach one million dollars, my assumption is based on the possibility that major economies around the world may print about 9 trillion dollars of currency in the next few years. For example, the US government plans to support institutions that are allowed to create mortgages, and they expect to print 5 trillion dollars.
In addition, due to the implementation of the supplementary leverage ratio exemption policy, the banking system may purchase up to 1 trillion US dollars of assets, including assets sold by foreign investors. I think the banking system will become more flexible as a result, because they no longer need to worry about capital requirements related to Treasury bonds, but can provide more loans to the US real economy. This will lead to more credit support for industries such as manufacturing, and this credit will eventually flow into the cryptocurrency market.
David: When the Federal Reserve implemented quantitative easing in 2020, we saw almost all asset classes rise, not just Bitcoin. This is indeed good for Bitcoin, but from your analysis just now, it seems that this may also be good news for other assets, such as stocks and gold. Why do you think Bitcoin will perform better than other assets in this situation?
Arthur Hayes: The main reason is that the supply of Bitcoin is fixed, and its total amount is strictly limited to 21 million. Moreover, from the perspective of market value, the Bitcoin market is relatively small, so when a large amount of capital pours into a relatively small market, the price will rise rapidly. This is also why Bitcoin has become the best-performing financial asset in the past 15 years. Compared to stocks or gold, Bitcoin's scarcity and decentralized nature give it a unique advantage in dealing with currency depreciation and liquidity flooding.
Bitcoin New High, Retail Interest Missing?
David: The market is changing rapidly. Do you think the current monetary easing policy (money printing) will trigger more 'Degen' activity?
Arthur Hayes: Yes, I agree. If you don't have many financial assets but see inflation eroding your purchasing power, you might choose to invest your small savings in high-risk investments in the hope of countering this situation.
David: Why does there seem to be less 'Degen' activity now compared to 2021? I'm referring to retail interest in altcoins. In fact, some people have found that the viewership of cryptocurrency-related channels is significantly lower than it was four years ago, even though the prices of Bitcoin and many other crypto assets have reached new highs.
Arthur Hayes: I think the main reason is that many altcoins are not performing well. Their pricing is problematic and they are often overvalued. When you seriously ask, 'Okay, your project has been launched, the hype is over, so where are the customers? Where is the revenue?' the answer is often 'We have nothing.' However, the fully diluted valuation (FDV) of these projects may be as high as 5 billion dollars. In this case, how do you make its value increase 10 times again? This is very difficult. In comparison, growing from 500 million to 5 billion is relatively easy, but growing from 10 billion to 100 billion becomes very difficult on a marginal price basis. So, I think these altcoins are generally overpriced and difficult to attract new investors.
David: Some people say that Bitcoin is now more regarded as an institutional investment tool, so retail interest in it is weakening. Do you think this statement is valid?
Arthur Hayes: Retail investors still have a lot of interest in Bitcoin because it performs very well and is the easiest crypto asset to understand.
Your Altcoin May No Longer Rise
Bonnie: Everyone is discussing whether the altcoin season will come. Some people say that there are too many low-quality projects in this round of cycle. What do you think of the current situation?
Arthur Hayes: I think most altcoins may not rise again this year because they lack 'product-market fit,' meaning their products cannot meet market demand. In addition, these projects usually have no revenue to return to token holders. In other words, they are more like high 'fully diluted valuation' (FDV), low-circulating venture capital-type tokens. This type of token usually doesn't perform well. So you see projects like Berachain and Monad whose prices have been falling almost continuously. Although these projects have raised a lot of money and have a lot of hype, their prices are difficult to rise because no real customers are willing to pay for their products or services. However, there are also some excellent projects that have indeed achieved product-market fit, and users are willing to pay for their services or products. These funds flow to token holders through the agreement. I think those who can do this will perform well, such as Pendle and Ethfi.
Bonnie: So, the venture capital-backed tokens in the last cycle performed very well. Why is the situation different this round?
Arthur Hayes: The main reason is still the lack of product-market fit. If a project is valued very highly, but no customers are actually using its blockchain or products, then it becomes very difficult to rekindle market interest after the price falls.
Bonnie: I remember you mentioning in an interview before that Bitcoin's market dominance might reach 70%. Do you think there will be an 'altcoin season' at that time?
Arthur Hayes: Yes, I still think this will happen, and it's probably when Bitcoin's market dominance is about 65%.
David: So, is it possible for other crypto assets to perform better before Bitcoin reaches this goal?
Arthur Hayes: From the current point of view, this is not obvious. I think Bitcoin's market dominance largely depends on the performance of Ethereum. If the price and market activity of Ethereum do not change significantly, then the dominant ratio of Bitcoin is unlikely to change much. From the current point of view, the popularity of Ethereum has declined, and many investors have reduced their interest in it. So, if the market cycle changes, I am more inclined to bet on Bitcoin than other assets.
How to choose altcoins?
Bonnie: How do you personally pick altcoins? What aspects do you usually focus on?
Arthur Hayes: I mainly focus on 'Narrative,' which is the story told behind a project and the logic it uses to attract investors. Now the market focuses more on whether it can generate stable cash flow. If a project can bring a lot of cash flow, that's very important to me. In addition, I also look at whether investors can get actual returns by holding the project's tokens.
Bonnie: What about valuation? Do you pay special attention to it?
Arthur Hayes: For projects that are still in their early stages, we usually set a very clear investment cap to ensure that we don't pay too high a price. But for those projects with good liquidity, I'm more concerned about whether they can generate stable cash flow.
Bonnie: Don't you think 'narratives' change too quickly? It feels hard to keep up.
Aurthur Hayes: That's true, but if you buy at the right price, it's not a problem. If you can intervene when the price is low enough, you're likely to profit once the project goes live. But if you buy at a high price while chasing market hotspots and try to participate in every popular project, the end result is often a loss. The key is to remain rational and avoid blindly following trends.
The inventor of cryptocurrency perpetual contracts
Bonnie: Can you briefly share what inspired you to design perpetual swaps? How did this idea come about?
Arthur Hayes: In fact, the idea came from customer feedback in our early operations. My co-founder and I were responsible for handling all customer support requests and found that many users couldn't understand traditional futures contracts. They were often confused about why futures prices were different from spot prices and why futures had expiration dates. These questions not only troubled users but also took us a lot of time to explain.
Therefore, we began to think about whether we could design a trading product that had no expiration date and could provide high leverage? This is what inspired us to create Perpetual Swaps. After many attempts, we finally designed a product that was easy for users to understand and officially launched it in May 2016. At first, most people were not interested in this new product, but over time, more and more people began to use it because it solved users' actual problems and also reduced the pressure on us to answer questions repeatedly.
I personally usually don't use leveraged trading. If I invest, I basically buy spot assets directly. I would recommend leveraged trading to those who have enough time to study the market and are proficient in trading skills. But if you don't have time to study in depth and lack patience, it's best not to use leverage, because the risk will be very high.
Bonnie: If I plan to use perpetual contracts, what should I focus on first? Is it risk or position size?
Arthur Hayes: The most important thing is to clarify your goals. You need to know clearly what you want to achieve, such as how much return you expect to get? How much risk can you afford? Under what circumstances will you stop loss or add positions? These all need to be planned before the transaction begins. Because once you enter the market, emotions can easily affect your judgment, which often leads to wrong decisions. Being fully prepared is the key to successful trading.
Why did the New Taiwan Dollar suddenly appreciate?
Bonnie: Recently, the New Taiwan Dollar suddenly rose by 10% against the US dollar, but our bankers couldn't explain why. What do you think?
Arthur Hayes: Indeed, this is a very interesting phenomenon. I won't delve too deeply, but you can refer to articles like the research by Brad Setzer and another economist in the (Financial Times) (FT), who mentioned that Taiwanese life insurance companies may be one of the wealthiest institutions globally. These companies have significant overseas investments, and Taiwan itself is a crucial manufacturing center, especially in the semiconductor field. However, the Taiwanese government and central bank have long pursued a policy of keeping the New Taiwan Dollar weak. To achieve this, they need to create a large amount of New Taiwan Dollar liquidity domestically, which is one of the reasons why housing prices in Taipei and other cities are so high.
These institutions usually accumulate large dollar reserves, but to avoid being accused of 'currency manipulators' by the US government, they transfer these dollars to Taiwanese life insurance companies. These life insurance companies then indirectly hold a large amount of US Treasury bonds by purchasing bonds and conducting structured derivative transactions with international banks. In addition, many hedge funds also like to use the New Taiwan Dollar for financing, because the weakness of the New Taiwan Dollar is usually driven by government policies, and they use this to carry out large-scale arbitrage transactions.
In early May this year, there was a sudden concern in the market that if Taiwanese life insurance companies started to sell US Treasury bonds and transfer the funds back to the New Taiwan Dollar, hedge funds would have to close their arbitrage trades. This led to a large amount of capital flowing back into the New Taiwan Dollar market, thereby pushing the New Taiwan Dollar to appreciate sharply in a short period of time. I think the Taiwanese authorities did not choose to intervene in the market, nor did they reverse this capital flow by increasing the supply of the New Taiwan Dollar. This may be because they wanted to show the US government (especially the Trump administration) that they were not deliberately depreciating the New Taiwan Dollar, but accepting the fact that the New Taiwan Dollar was appreciating. I think this is the main reason why the New Taiwan Dollar suddenly appreciated sharply, and it may continue to appreciate in the future.
Bonnie: Do you think similar situations will happen in other Asian regions?
Arthur Hayes: This trend has already begun to appear. Similar phenomena are also occurring in countries such as South Korea, Singapore, Malaysia, and Thailand. These countries have also adopted long-term currency weakness policies, while accumulating large dollar reserves and making overseas investments. Now, these funds are gradually returning to their domestic markets, triggering similar currency appreciation effects.
Will the US government really buy Bitcoin?
David: You mentioned a potential risk that if the Democratic Party wins the next presidential election in 2028, they may cancel the US's Bitcoin strategic reserve. If the strategic reserve is cancelled, do you think the market will experience a lot of selling pressure?
Arthur Hayes: Possibly. It mainly depends on how much Bitcoin the US government has accumulated and what the fiscal situation is at the time. I don't think their holdings will be as high as 200,000 Bitcoins (the amount the US government has seized through judicial forfeiture). If the government faces budget pressures, these Bitcoins are likely to be sold. So, there's a lot of uncertainty here, but it could indeed become a source of funding.
David: Is it possible for them to buy more Bitcoin in return? After all, they haven't done so proactively so far.
Arthur Hayes: I think it is politically infeasible for the US government to proactively buy Bitcoin. If the government wants to use fiscal funds, it usually chooses to cut taxes, build bridges or hospitals, and other projects that directly benefit most people, rather than buying Bitcoin, an asset held by only a few people. Theoretically, the US government can do this; anything is possible. But from a political perspective, this is not a wise choice. If the government has a lot of money to spend freely, obviously spending it on Bitcoin is not the way to win voters' support the most.
David: But the government has already won votes through other policies, so they don't need to do such things anymore.
US Financial Controls and Money Printing
Bonnie: You mentioned that the US may implement capital controls, is that right? Especially for foreign investors' asset ownership.
Arthur Hayes: Yes. I think they may start by removing the 'withholding tax exemption.' Under current policy, foreign investors do not need to pay a 30% tax like local investors when they hold US bonds. If this policy is removed, it may make foreign investors feel that US Treasury bonds are less attractive, and then shift their funds to other investment channels. I think this trend may gradually appear.
Bonnie: Does that mean the market will collapse as a result?
Arthur Hayes: No. Even if foreign investors withdraw their investments, the US government will fill these funding gaps by printing money, thereby avoiding major market turmoil.
David: In fact, we saw a similar situation in early April this year - the prices of bonds and stocks both fell, the yields of Bitcoin also fell, and bond yields rose. So I want to ask, if the United States really implements capital controls, will it trigger a similar market reaction again, leading to a decline in the prices of various assets and reducing the liquidity of the US financial system?
Arthur Hayes: I think capital controls will be implemented gradually, so they will not trigger drastic market fluctuations. The government has realized that sudden policy adjustments may bring consequences they don't want to see, such as drastic fluctuations in the bond market, or even losing control of the situation. If capital controls are implemented gradually, they will fill the funding gaps in other ways, such as letting the Federal Reserve, the Treasury Department, the banking system, or some private institutions that are allowed to create credit at low cost, replace those foreign investors who are forced to sell assets.
David: Recently, we have seen the correlation between stocks, Treasury yields, and Bitcoin reappear. Do you think this correlation will continue?
Arthur Hayes: I don't think so. There may be some risk aversion events in the future, which will lead to increased market volatility. In this case, Bitcoin may play a greater role as a tool to hedge risks.
Buy all assets? Buy non-US assets?
Bonnie: You mentioned earlier 'buying all assets and experiencing American life.' Later, you talked about the 'breakup' of the US and global capital relations. Do you think this relationship will continue to be maintained, or will it eventually lead to separation?
Arthur Hayes: I think the relationship between the two will gradually drift apart, but it won't end as quickly as some people predict.
Bonnie: When do you think this 'breakup' will happen?
Arthur Hayes: It may take decades.
Bonnie: So, if foreign capital gradually withdraws from the US market and returns to the local market, what impact will this have on the global economy? What would the specific scenario be like?
Arthur Hayes: Currently, foreign capital is pouring into the United States because the US market is performing relatively well, whether it is stocks, bonds, or real estate, which have attracted a lot of investment. If these funds withdraw from the United States and return to their local markets, the performance of the US market may be affected. For those emerging market countries, such as Taiwan, Indonesia, or Thailand, this may be an opportunity. The return of funds will push up the value of these countries' currencies, thereby increasing the purchasing power of local consumers. As consumer spending increases, people may choose to invest and start businesses in these countries to meet the new market demand. This shift may make the economies of emerging markets more active and achieve growth.
US stablecoin bill
Bonnie: Regarding the stablecoin bill, do you think this will force stablecoin issuers to buy more US Treasury bonds?
Arthur Hayes: I don't think so. I think this bill is more like allowing banks to participate in businesses similar to Tether. If I were a bank and I could create my own stablecoin now, then I could basically absorb deposits at zero cost. At the same time, if the supplementary leverage ratio exemption is cancelled, I can also use these deposits to buy US Treasury bonds and get a steady return from them.
Bonnie: I've heard a point of view from a trading platform executive. He believes that other countries don't need to work so hard anymore, because the US has already gained an advantage in the cryptocurrency and Bitcoin competition. After all, the underlying asset people use to buy Bitcoin is USDT, and USDT is pegged to the US dollar.
Arthur Hayes: I disagree with this point of view. In fact, one of the largest crypto revenue markets in the world is Korean traders. So, I don't think the US completely dominates this area; it's just one of many players.
Open Interest Indicator
David: Recently, the open interest (Open Interest) of Bitcoin futures has reached a historical high. I checked my notes and found that the total open interest reached 89.8 billion US dollars on May 22, an increase of 15 billion US dollars in just five days, which reflects an unprecedented level of leverage in the market. How do you view this phenomenon?
Arthur Hayes: This actually just shows that market interest in this area is constantly increasing, right? Obviously, the price of Bitcoin has reached a historical high, and at the same time, more leveraged positions have been established, and the market generally believes that the price will quickly break through 110,000, or even higher. So I think this is a reflection of optimism.
David: Based on your past experience at BitMEX, what kind of market reaction does a surge in open interest in futures usually bring?
Arthur Hayes: I think one key point to pay attention to is the expansion of the 'basis.' Simply put, it is the premium of the Bitcoin futures price over the spot price. From the current point of view, there is no particularly extreme situation, such as a premium of more than 10%.
David: In BitMEX's trading, do you think there are any specific indicators that can be used to predict dramatic market fluctuations? Are these indicators consistent?
Arthur Hayes: To be honest, I haven't found any clear indicators that can be used to predict this situation. And frankly, I haven't studied these data in particular detail. So, there are currently no conclusions to share.
Decentralized exchanges being hunted (Hyperliquid)
Bonnie: Recently, an incident related to the JellyJelly meme coin occurred, which sparked controversy about whether Hyperliquid is truly decentralized. If centralized exchanges can intervene or influence you with $10 million, is it really safe to use a decentralized exchange like Hyperliquid?
Arthur Hayes: It's clear that Hyperliquid may not be as decentralized as it claims to be. It seems that the Hyperliquid management team chose to prioritize protecting the purchasing power of their HLP tokens rather than fully following the market's liquidation rules for jelly tokens. From this perspective, yes, it is not completely decentralized. However, on the other hand, this also shows that they attach great importance to HLP, because it is the basis for the operation of many markets. For me, this makes me more confident when trading on Hyperliquid. After all, most traders don't really care whether the platform is completely decentralized; they care more about liquidity and a wide range of trading products. If Hyperliquid can provide these services in a relatively decentralized way, that's enough, and we can trade on it with confidence.
Fierce competition between trading platforms and banks
Bonnie: Many centralized exchanges are expanding into the payment space, as it's the obvious next step for them. What do you see as the future direction of exchanges in the next 10 years?
Arthur Hayes: I think the market has entered a state of complete competition. There isn't much innovation in the products of various exchanges, and the fees are basically the same. Therefore, the core of competition lies in marketing, especially in the United States. Now all banks are starting to offer similar brokerage services, which makes it more difficult for centralized exchanges to survive. If banks like JP Morgan ban customers from buying Bitcoin, it will be difficult for exchanges like Coinbase and Kraken to maintain profit margins.
David: Speaking of Coinbase, in recent weeks, some large exchanges have completed initial public offerings (IPOs), which has further accelerated the mainstreaming trend of cryptocurrencies in the S&P 500 index (SPX). Do you think people who invest in the S&P 500 now need to realize that they are indirectly exposed to Bitcoin through these index funds?
Arthur Hayes: I don't think there's anything to pay attention to. Many investors are simply buying index funds. They hold ETFs (Exchange Traded Funds), which contain many assets that may not be consistent with their personal preferences. But they don't care; they just want to participate in the market.
David: Regarding the development of trading platforms, as centralized trading platforms gradually become mainstream, do you think they will attract deposits from ordinary users and traditional financial institutions like JP Morgan and Bank of America?
Arthur Hayes: I don't think so, because these banks have stronger distribution networks than cryptocurrency companies.
David: So, will there be no direct competition between the two in the foreseeable future?
Arthur Hayes: There is still direct competition, right? If JP Morgan allows users to buy Bitcoin and Coinbase also provides similar services, then the end users are buying the same Bitcoin. In this way, the core of competition comes down to transaction fees. If JP Morgan can offer zero-fee transactions because they can profit from other banking businesses, and Coinbase still relies on its high-profit brokerage business, how will Coinbase respond?
David: If you were to create another BitMEX today, how would you prepare yourself to handle the traffic in the crypto market?
Arthur Hayes: I would focus on attracting more 'Degens.' I wouldn't try to compete in the Bitcoin trading space, because it would be a losing project. I would focus on meme coins and new project launch platforms. I think you can create more revenue by optimizing the new token issuance process instead of competing in the Bitcoin versus USD trading market, because that's a low-profit, highly competitive area.
Squid Game of the Eastern World
Bonnie: You've been in Asia for a long time. I'm curious, what have you learned from Asia about money and investment that is very different from the US?
Arthur Hayes: I think Asians generally have a lower degree of trust in the government, so they are more cautious and suspicious when it comes to investment and wealth management. Their savings habits are also very different. For example, gold plays an important role in Asian families, and real estate investment is also very common. This difference in mentality has shaped their unique investment methods.
Bonnie: So, is their investment style more adventurous or more conservative? Why is the cryptocurrency trading volume in South Korea so large?
Arthur Hayes: This is related to several factors. First, South Korea has very high internet penetration, and people can easily access online trading platforms. Second, South Korea has a very developed gaming culture, which makes it easier for young people to accept the concept of digital assets and virtual economies. In addition, South Korean society has a relatively homogeneous structure and is very competitive. Although South Koreans are generally well-educated, high-paying positions are relatively limited, and many people find it difficult to achieve financial freedom through traditional careers. Therefore, many people choose to find breakthroughs by trading stocks or cryptocurrencies. This strong sense of competition has driven the increase in trading volume.
Investment Perspectives of the New Generation
Bonnie: The older generation owns a lot of wealth and they want to fund their retirement by selling assets to the younger generation. But the problem is that the younger generation is not enthusiastic about buying and accumulating these assets, but is more willing to pay for various experiences. How do you think this phenomenon will develop?
Arthur Hayes: I think it will be very interesting to observe the regulatory development of cryptocurrencies or other digital assets in the future. The current situation is that baby boomers (born between 1946 and 1964) hold a large amount of stocks, real estate, and other assets. But the question is, will anyone really be willing to buy these assets? Maybe some young people will be interested in large houses in the suburbs or apartments in the city, but overall, I'm not sure. So, if the older generation needs to sell these assets to fund their retirement, and the younger generation is unwilling to take over, it will become a big problem. Even worse, if asset prices fall, the older generation's wealth will shrink, and they may not be able to afford retirement. At that time, the government may choose to fill the pension gap by increasing taxes and shifting the burden to the younger generation. But will young people accept this arrangement? It remains to be seen.
Bonnie: What do you think might happen?
Arthur Hayes: I think there may be a lot of conflict between generations. Although I cannot predict the final result, I think the government is likely to choose to print a lot of money to deal with this problem. After all, for the government, this is the simplest and most direct solution.
Arthur's Fund Layout
David: What are the asset allocation priorities of Maelstrom currently?
Arthur Hayes: Most of our portfolio is invested in Bitcoin, and we also have a large presence in Ethereum. In addition, we are also involved in some project-related investments, including serving as advisors and making direct investments. For some projects with low liquidity but promising prospects, such as Ethereum and Pendle, are our current key holdings.
David: How often do you adjust the proportion of your Bitcoin holdings?
Arthur Hayes: We generally don't trade frequently. We may only make one or two major purchases or sales each year, because we don't want to operate too frequently. Our goal is to exceed the return on Bitcoin. If we find a new project and its performance can exceed the Bitcoin capital we sell for investment, then we will use these profits to buy more Bitcoin.
David: We've talked to some Bitcoin maximalists before, who believe that the way to surpass Bitcoin is to buy more Bitcoin. What do you think?
Arthur Hayes: I don't completely agree with this view, because it depends on the time period. For example, a token rises from $7 to $300. If you invest at $7 and sell at $300, then during this period, your return is obviously higher than the performance of Bitcoin.
David: Last question, what are the next plans for Maelstrom? Are there any new expansions or projects?
Arthur Hayes: We are launching an acquisition business. Specifically, we plan to raise investor funds to acquire some specific cryptocurrency companies. The management structure of these companies may be reorganized, and we will focus on adding new sources of revenue. In the future, we also plan to go public in the United States through a SPAC (Special Purpose Acquisition Company). We have already locked in a target company and are preparing to raise funds, hoping to significantly improve the company's profitability through this plan.
David: What types of businesses and operations are you interested in?
Arthur Hayes: We mainly focus on companies with very stable cash flow and strong profitability. The company we are looking at is in good financial condition and has healthy cash flow, and we plan to complete the acquisition at a reasonable price.
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