As a discreet financial maneuver takes shape in Japan, Arthur Hayes says this subtle central bank shift could be the catalyst behind bitcoin’s next explosive surge.
On July 19, Hayes highlighted reports that the Bank of Japan (BOJ) is stepping in to supply U.S. dollars against pooled collateral starting July 17, calling the move a “pivotal macro development for crypto markets” and declaring, “This is huge.” The former Bitmex CEO emphasized that this quiet but significant liquidity injection—described by analysts as a technical adjustment that “says more than any press release ever could”—aligns directly with his 2023 essay Shikata Ga Nai. In it, Hayes predicted central banks would be forced to restart the “fiat liquidity gusher and propel BTC much higher” as financial systems come under pressure. He frames the BOJ’s action as the opening move in a new phase of global monetary easing that could drive capital into bitcoin as trust in fiat erodes.