Former CEO of BitMEX cryptocurrency exchange Arthur Hayes published essay called For the War, in which he explained how bitcoin will protect capital during the war.
Governments have a wide range of tools to ensure citizens’ financial loyalty and limit their ability to invest, he said. In this regard, he suggested paying attention to decentralized assets, which cannot be completely banned and whose value does not depend on the banking system.
“Any digital asset held by banks, regardless of currency, can be confiscated. You must log out completely,” he said.
Hayes noted that the authorities could potentially prohibit the conversion of fiat to bitcoin, but it will not be so easy for them to confiscate it from the owners.
First, the assumption that a public address belongs to a specific person does not mean that he has access to the funds in the account. Also, cryptocurrencies do not have a physical embodiment, which allows you to quietly convert and use them.
“I can just memorize the seed phrase and spend whenever I want without anyone knowing about it. There is no outwardly visible indication of how much bitcoin I have,” explained the ex-head of BitMEX.
He emphasized that the state will not be able to completely take control of bitcoins without the consent of their owner. Even in a situation of physical threats and pressure, the holder of cryptocurrencies may refuse to transfer the private key.
During war, free markets grow. According to Hayes, if the goods on them are priced in electronic currency, this currency will be bitcoin.
He suggested that in the future, the value of the asset will switch from the fiat exchange rate to the rate in relation to oil.
Hayes is sure that now is the best time to buy the first cryptocurrency.
“Bitcoin is the best means for ordinary people to protect their wealth,” he wrote.
In conclusion, Hayes added that the financial flexibility of an individual is guaranteed only if capital is diversified.
Recall that in October 2020, the US Department of Justice and CFTC filed lawsuits against BitMEX owners Arthur Hayes, Ben Delo, Samuel Reed and head of business development Greg Dwyer for violating the Bank Secrecy Act and KYC/AML procedures.
In the same month, Reed was arrested in the United States and released on $5 million bail. The case and Hayes surrendered to US authorities in March and April 2021, respectively. They were released on bail of $20 million and $10 million.
In the spring of 2022, Hayes, Delo and Reid pleaded guilty to violating the Bank Secrecy Act and pledged to pay fines of $10 million each.
At the end of May, Hayes was sentenced to two years probation.
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Former CEO of BitMEX cryptocurrency exchange Arthur Hayes published essay called For the War, in which he explained how bitcoin will protect capital during the war.
Governments have a wide range of tools to ensure citizens’ financial loyalty and limit their ability to invest, he said. In this regard, he suggested paying attention to decentralized assets, which cannot be completely banned and whose value does not depend on the banking system.
“Any digital asset held by banks, regardless of currency, can be confiscated. You must log out completely,” he said.
Hayes noted that the authorities could potentially prohibit the conversion of fiat to bitcoin, but it will not be so easy for them to confiscate it from the owners.
First, the assumption that a public address belongs to a specific person does not mean that he has access to the funds in the account. Also, cryptocurrencies do not have a physical embodiment, which allows you to quietly convert and use them.
“I can just memorize the seed phrase and spend whenever I want without anyone knowing about it. There is no outwardly visible indication of how much bitcoin I have,” explained the ex-head of BitMEX.
He emphasized that the state will not be able to completely take control of bitcoins without the consent of their owner. Even in a situation of physical threats and pressure, the holder of cryptocurrencies may refuse to transfer the private key.
During war, free markets grow. According to Hayes, if the goods on them are priced in electronic currency, this currency will be bitcoin.
He suggested that in the future, the value of the asset will switch from the fiat exchange rate to the rate in relation to oil.
Hayes is sure that now is the best time to buy the first cryptocurrency.
“Bitcoin is the best means for ordinary people to protect their wealth,” he wrote.
In conclusion, Hayes added that the financial flexibility of an individual is guaranteed only if capital is diversified.
Recall that in October 2020, the US Department of Justice and CFTC filed lawsuits against BitMEX owners Arthur Hayes, Ben Delo, Samuel Reed and head of business development Greg Dwyer for violating the Bank Secrecy Act and KYC/AML procedures.
In the same month, Reed was arrested in the United States and released on $5 million bail. The case and Hayes surrendered to US authorities in March and April 2021, respectively. They were released on bail of $20 million and $10 million.
In the spring of 2022, Hayes, Delo and Reid pleaded guilty to violating the Bank Secrecy Act and pledged to pay fines of $10 million each.
At the end of May, Hayes was sentenced to two years probation.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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