Recently, BitMEX co-founder Arthur Hayes made a big announcement at the Tokyo WebX conference—he believes that influenced by U.S. stablecoin policy, the crypto bull market is expected to continue all the way to 2028! What is the reason? Follow me to analyze the story behind this.

The U.S. stablecoin policy will trigger a 'mass migration of funds'

The U.S. is launching a financial reform, bringing the $10 to $13 trillion 'Eurodollar' market under government control, creating an official digital stablecoin. This is not only a monetary policy adjustment but also a reshaping of the macro-financial landscape.

This policy change not only solidifies the U.S.'s position as a financial hegemon but also forces Europe to accelerate the push for a digital euro, reshaping the global landscape. In other words, cryptocurrencies will become a 'booster' for this historical transformation, with huge potential.

DeFi platforms: The biggest 'beneficiary' of the big cake

Arthur Hayes is particularly optimistic about the two DeFi platforms, Ethena and Hyperliquid. Ethena's USDe stablecoin market cap soared to $11.7 billion, accumulating over $500 million in revenue; Hyperliquid plans to launch a new type of perpetual contract, ready to share in the increasingly growing stablecoin liquidity.

In simple terms, as funds flow into the stablecoin sector, the value and returns of these platforms may experience explosive growth.

Market performance echoes predictions

Look at the recent performance: Ethereum's price surged recently, with a daily increase of over 9%, reaching a market cap of $570 billion; DeFi trading volume is leading, and smart contracts and yield tokens are performing well.

Clearly, a large amount of capital is flowing into projects that can benefit from stablecoin dividends, and the market is validating Hayes' logic.

Geopolitical struggles: A new catalyst for crypto value

The dollar-dominated digital currency system puts pressure on Europe, as they worry about sovereignty being limited, leading to increased financing costs. Global capital naturally favors ecosystems supported by dollar stablecoins.

This invisible financial game will lead to a redefinition and enhancement of the value of crypto assets.

Can the bull market really last until 2028?

Regarding whether the bull market can continue until 2028, there are actually many different opinions in the market. Here are a few key points we can refer to:

  1. Macroeconomic policies and regulatory environments are complex and changeable
    Although big players like Arthur Hayes predict that U.S. stablecoin policy will bring long-term benefits, there are many uncertainties in policy execution, such as regulatory tightening, international conflicts, or the market's sensitive response to policies, which may disrupt expectations.

  2. The crypto market itself is highly volatile
    Cryptocurrency assets have always been highly volatile, with short bull-bear cycles, sometimes showing significant fluctuations within a few months or a year. Achieving a continuous bull market for over 5 years may seem unrealistic based on historical data, unless there is a sufficiently strong institutional driving force.

  3. The speed of technology and application landing
    DeFi and blockchain technology are developing rapidly, but whether the maturity of the ecosystem and user scale can continue to explode requires time accumulation and will involve adjustments and corrections along the way.

  4. Market sentiment and capital flow
    The bull market also largely depends on market sentiment and capital flow; if a macroeconomic crisis suddenly occurs, capital withdraws, or investor confidence collapses, the bull market may end prematurely.

Overall, Hayes' predictions are more based on macro policies and big trend logical deductions, carrying a certain foresight and optimism, but there are many uncertainties in real-world execution, and investors should remain rational and cautious.

What do you think? Feel free to communicate!

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