Arthur Hayes predicts Bitcoin's year-end target price: $125K! Why? • Debt will keep skyrocketing, and someone has to take on the treasury bonds • The Fed can't shrink its balance sheet and tighten liquidity significantly • Adjustments to ESLR will release about $1.3 trillion in new loan capacity, eventually evolving into ~$4 trillion in liquidity injection • The new annual defense budget has increased by 50% compared to before, reaching $1.5 trillion, further expanding total credit volume • Government spending and credit expansion are enough to offset AI deflationary pressures, keeping the total money supply on the rise Since the government can't stop spending and banks are allowed to go crazy with lending to take on the bonds, hitting $125K BTC by year-end is just basic stuff!