Arthur Hayes: Why U.S. Treasury Buybacks Could Drive Bitcoin Higher In an August 23, 2026 interview on Altcoin Daily, BitMEX co-founder Arthur Hayes @CryptoHayes shared his thoughts on the U.S. Treasury's announcement to at least double the scale of long-term bond buybacks. The 10-year yield briefly surged to 4.75% and could approach 5% in the short term. He explained that despite strong inflation data, robust economic growth, and the 2-year yield exceeding the federal funds rate by 50 to 60 basis points, the Fed theoretically should raise rates but likely won’t. The reason? The Treasury needs to continue issuing short-term debt to keep the market functioning, leaving little room for rate hikes. Bond buybacks mean increased liquidity, and more capital will flow into scarce assets like Bitcoin. Hayes emphasized that if the market starts to seriously worry about yield curve control becoming a reality, Bitcoin’s price could quickly soar to hundreds of thousands of dollars. Source: Altcoin Daily