Arthur Hayes Says Bitcoin’s Core Value Lies Outside the Regulatory System

Bitcoin is not issued by a central bank, and its transactions need not rely entirely on traditional financial intermediaries. BitMEX co-founder Arthur Hayes says its core value lies precisely in operating outside the regulatory system. Market prices are driven primarily by liquidity in fiat currencies such as the U.S. dollar, while legislation alone cannot create value for crypto assets that lack demand.

Speaking at Consensus Miami 2026, Hayes also predicted that 99% of altcoins could ultimately go to zero. Meanwhile, Coinbase selected Centrifuge as its tokenization infrastructure partner, with plans to develop tokenized ETFs and credit products on Base. The companies have not disclosed the investment amount or a formal launch date.