Arthur Hayes: The Bitcoin bull market started as early as the end of February, and the upward trend will accelerate if it breaks through $90,000.

CoinFeed reported on May 12th that BitMEX co-founder Arthur Hayes stated in a recent blog post that the Bitcoin bull market truly began on February 28th with the outbreak of the US-Iran war. AI capital expenditures, war spending, and investments in physical infrastructure by various countries to ensure supply chain security will drive unbridled expansion of fiat currency credit, from which Bitcoin will continue to benefit. Hayes pointed out that Bitcoin has rebounded from its low of $60,000 earlier this year and reiterated that breaking the previous high of $126,000 is "inevitable." Hayes believes that the scale of this round of AI capital expenditures is unprecedented, with central banks such as the Federal Reserve printing more money. Declining trust in dollar assets will lead countries to invest in physical infrastructure and commodity reserves, further driving fiat currency expansion. He predicts that Bitcoin's upward momentum will accelerate after breaking $90,000 and has raised Maelstrom's portfolio risk exposure to the maximum.