[Arthur Hayes: Bitcoin Bull Market Already Started at the End of February, Momentum Will Accelerate if It Breaks $90,000] Arthur Hayes, co-founder of BitMEX, stated in his latest blog post that the Bitcoin bull market officially began on February 28, coinciding with the onset of the U.S.-Iran conflict. AI capital expenditures, war spending, and physical infrastructure investments by countries to secure supply chain safety will drive uncontrolled expansion of fiat credit, benefiting Bitcoin continuously. Hayes pointed out that Bitcoin has rebounded from its $60,000 low earlier this year and reiterated that surpassing its previous high of $126,000 is "inevitable." Hayes believes this round of AI capital expenditure is unprecedented, and central banks like the Federal Reserve are printing more money. As trust in U.S. dollar assets declines globally, nations will shift toward investing in physical infrastructure and commodity reserves, further fueling fiat expansion. He predicts that Bitcoin's momentum will accelerate after breaking $90,000 and has raised Maelstrom's portfolio risk exposure to its maximum level.