Arthur Hayes: Governments choose gold for control, individuals pick Bitcoin for freedom

Arthur Hayes, co-founder of BitMEX, explained that sovereign governments consistently favor gold over Bitcoin, while individuals increasingly embrace cryptocurrency for personal autonomy. He noted that central bank officials face minimal career risk when acquiring gold, whereas buying Bitcoin carries reputational exposure if prices decline sharply. Hayes attributed every major Bitcoin bull run to large-scale money printing by the U.S. and China, and noted that central banks began accumulating gold after the U.S. froze Russia's reserves in February 2022.