In his speech at the Bitcoin Conference 2026, BitMEX co-founder Arthur Hayes presented the continued bullish $BTC core logic: U.S. defense spending, critical resource extraction, and AI infrastructure investment will all create new credit demand.

He believes that the multiplier effect of bank credit is even stronger than central bank liquidity, enough to drive the market back into a liquidity cycle, and emphasized that the year-end target price is $125,000.

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