Arthur Hayes: It's liquidity, not regulatory benefits, that influences Bitcoin's price.

CoinFeed reported on May 7th that BitMEX co-founder Arthur Hayes stated at Consensus 2026 that the crypto industry does not need regulation, and regulation is essentially irrelevant to Bitcoin's value proposition. Only two core factors determine Bitcoin's price: technological reliability and fiat currency liquidity, with the latter being the true driving force. Whether it was the quantitative easing during Obama's era, Trump's "helicopter money" during his first term, or the approximately $2.5 trillion in reverse repurchase funds released by Treasury Secretary Yellen during Biden's administration by replacing long-term debt with short-term bonds, each round of monetary expansion has closely coincided with a significant rise in Bitcoin's value.