Arthur Hayes: The global economy is deeply in debt and is actively embracing gold and Bitcoin
on the scene, on October 1, 2025, at the Token 2049 event, Arthur Hayes pointed out that the global economy is currently mired in a debt crisis. Since 1970, the ratio of global debt to GDP has soared from 110% to 360%. In particular, the United States will need to roll over nearly $8 trillion in bonds by 2026, facing huge debt repayment pressure. It is highly probable that this will be solved by printing money, which will trigger a flood of legal currency liquidity. At the same time, the AI boom is rising. Although related stocks such as NVIDIA have a high P/E ratio of up to 100 times, there are clear signs of a bubble, but the development of AI requires huge computing power and data storage needs.
Against this background, Arthur Hayes advises investors: first, avoid European assets. The economic situation in Europe is turbulent, with severe capital outflows in France, and a stalemate in finance and politics. The eurozone faces the risk of disintegration due to the crisis in France, and European stocks have long lagged behind the MSCI World Index, with poor risk resistance in assets such as bonds and stocks.
Second, embrace hard assets such as gold and bitcoin. The global liquidity easing and currency devaluation risks are intensifying. Gold and bitcoin have the properties of inflation resistance and decentralization, making them a good choice for hedging.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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