Arthur Hayes Mocks Idea of US Buying Bitcoin: “Bitcoin Bros at the Club” May Block Strategic

Arthur Hayes Questions U.S. Plans for Strategic Bitcoin Reserve

BitMEX co-founder Arthur Hayes has poured cold water on the idea of the United States actively buying Bitcoin to build a strategic reserve, suggesting that political optics and fiscal limitations make such a move unlikely — especially when the public still associates Bitcoin with "bros at the club."

In a May 1 interview, Hayes said he’s skeptical that U.S. lawmakers would ever approve a Bitcoin buying spree, particularly one funded by newly printed dollars:

“The United States is a deficit country. The only way they can do a Strategic Reserve is to not sell the Bitcoin they took from people. Fine, that’s 200,000 Bitcoin.”

Hayes was referring to the 198,012 BTC the U.S. government currently holds — worth over $18 billion — mostly from criminal seizures such as the Silk Road and Bitfinex hack cases.

Arthur Hayes spoke to Kyle Chasse on his crypto interview series. Source: Kyle Chasse

Optics Matter: “Bitcoin Bros at the Club”

Beyond fiscal concerns, Hayes pointed to the stigma surrounding Bitcoin’s public image as a major barrier to political action:

“It’s hard to imagine any properly elected politician announcing they’ll print money to buy Bitcoin — especially when the popular narrative is a bunch of Bitcoin bros going to the club.”

Hayes questioned whether such a move would be palatable to voters or policymakers:

“Is that really what you want people to think about your policy?”

His remarks come just weeks after Donald Trump signed an executive order on March 6 to create a strategic Bitcoin and digital asset reserve. While the order was symbolic, it stirred speculation that the U.S. might begin actively purchasing BTC — an idea that excites crypto advocates but raises eyebrows among skeptics.

Industry Believes U.S. Bitcoin Buys Would Trigger Global Scramble

Many in the crypto industry, however, believe that U.S. involvement in buying Bitcoin could set off a global buying frenzy. Speaking at Cointelegraph’s LONGITUDE event in Dubai, 1inch co-founder Sergej Kunz warned:

“If the U.S. starts buying Bitcoin for a strategic reserve, even smaller countries may soon struggle to acquire it. I’m pretty sure we’ll soon see countries battling over who owns more Bitcoin.”

Bitcoin Dominance and the Road to Altcoin Season

Despite his skepticism on U.S. government involvement, Hayes remains bullish on the Bitcoin cycle and sees a familiar pattern forming — a surge in Bitcoin dominance followed by a shift into altcoins.

“I personally think Bitcoin dominance is going back to where it was before the 2021 altcoin season — about 70%,” Hayes said. “Then people just start rotating. It’s back at all-time highs, bull markets are back, and altcoins should outperform… Should is the keyword there.”

At the time of writing, Bitcoin dominance sits at 64.78%, up 11.68% from the start of the year, according to TradingView data. Some analysts believe dominance has already peaked, while others, like Hayes, think the rotation playbook will follow the same cycle as in previous bull markets.

Bitcoin dominance was 57.59% on Jan. 1. Source: TradingView

Not Everyone Agrees with Hayes’ Rotation Thesis

Other analysts remain unconvinced that Bitcoin dominance will return to 70%.

Benjamin Cowen, founder of Into The Cryptoverse, previously said:

“I don’t think it is going back up to 70%,” setting his target at 60% instead.

CryptoQuant CEO Ki Young Ju added that the traditional trigger for altcoin season — Bitcoin gains followed by capital rotation — may be obsolete. He said altcoin market cycles are now increasingly driven by trading volume against stablecoins and fiat, not BTC.

Conclusion: Optics vs. Opportunity

While Arthur Hayes believes the U.S. won’t openly buy Bitcoin due to political stigma and fiscal constraints, others argue that a formal entry into the market by a major government could transform global demand. Meanwhile, the BTC-to-altcoin rotation narrative continues to divide analysts, with some expecting a familiar cycle and others predicting a structural shift in how altseason unfolds.