Arthur Hayes says 99% of altcoins will eventually go to zero, but considers this a normal market purification process.
At Consensus Miami 2026, he compared weak Token to failing stocks and argued that the crypto market would fall faster than stocks because of 24/7 trading, fewer barriers to entry, and greater volatility.
Hayes argues that the market is always replacing old bets with new ones, so the collapse of many Token doesn't mean the death of crypto. He also views Token like software projects, where the majority will fail.
Regarding Bitcoin , Hayes stated that its price depends on the amount of fiat money created, not on politics or regulations. He argued that the more money printed in the US and globally, the higher Bitcoin's value in fiat currency will be.
He also criticized the crypto industry's overemphasis on traditional finance and regulatory frameworks. According to Hayes, Bitcoin's core value lies in its ability to transfer value outside the traditional financial and banking system.
