Arthur Hayes argues new Fed liquidity tool “RMP” masks renewed money printing

The BitMEX co-founder's latest Substack essay argues the US Fed’s liquidity program mirrors quantitative easing mechanics that favor Bitcoin and other scarce assets.

Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, argued in a Substack essay published Friday that the Federal Reserve’s new “reserve management purchases” (RMP) program is effectively a rebranded form of quantitative easing.

Hayes argues that by buying short-term Treasury bills and recycling liquidity through money markets, the Fed is effectively financing government spending while avoiding the political stigma of quantitative easing, even as officials frame the program as a technical liquidity operation.

Hayes said policies like RMP expand fiat liquidity and, in his view, favor scarce assets such as Bitcoin, gold and silver.

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