{"id":79135,"date":"2026-10-06T11:30:11","date_gmt":"2026-10-06T11:30:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/arthur-hayes-says-bitcoin-price-hits-1m-and-saylor-no-longer-matters\/"},"modified":"2026-10-06T11:30:11","modified_gmt":"2026-10-06T11:30:11","slug":"arthur-hayes-says-bitcoin-price-hits-1m-and-saylor-no-longer-matters","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/arthur-hayes-says-bitcoin-price-hits-1m-and-saylor-no-longer-matters\/","title":{"rendered":"Arthur Hayes Says Bitcoin Price Hits $1M and Saylor No Longer Matters"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Arthur Hayes told Crypto Wendy O that Strategy\u2019s edge faded once ETFs gave investors other ways to own BTC.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Hayes said he watches ETF inflows over Saylor\u2019s buys after U.S. spot bitcoin ETFs added $241M last week.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Hayes backed a $1 million bitcoin without a date, roughly 11.7x the $85,300 price sits on Oct. 6.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>The Case Against Strategy in Two Minutes<\/h2>\n<p>The Bitmex co-founder and Maelstrom chief made the argument in a <a href=\"https:\/\/www.youtube.com\/watch?v=dpmyx_rbSFY\" target=\"_blank\" rel=\"noopener noreferrer\">30-minute interview<\/a> with crypto host Crypto Wendy O. He <a href=\"https:\/\/x.com\/CryptoWendyO\/status\/2107214248393011419\" target=\"_blank\" rel=\"noopener noreferrer\">started with history,<\/a> adding:<\/p>\n<blockquote>\n<p>\u201cI think Michael Saylor had his time in the sun. For years, an institutional investor or someone with a retirement account had few clean options, so Strategy was your only way to get some sort of exposure to bitcoin. Spot purchases were off limits for many, and there were no exchange-traded funds (ETFs).\u201d<\/p>\n<\/blockquote>\n<p>That world is gone, in his view. \u201cOnce you have all these other products and all these other ways to access crypto, why would you trade this funky stock thing?\u201d Hayes asked, waving at the preferred shares and the debate over how to calculate the premium. \u201cIt\u2019s just corporate finance games.\u201d<\/p>\n<p>He gave Saylor credit before landing another jab. \u201cKudos to Saylor, he\u2019s a genius,\u201d Hayes said, \u201cbut it\u2019s not going to work when you don\u2019t have a persistent bid from folks who have other options.\u201d<\/p>\n<h2>More Punches Thrown<\/h2>\n<p>Another sharp criticism came in relation to <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/strategy-sells-1690-bitcoin-as-saylor-reloads-its-cash-war-chest\/\">Strategy\u2019s continued selling<\/a>, adding:<\/p>\n<blockquote>\n<p>We know he\u2019s going to sell, right? We know that when mNAV is above one, he\u2019ll issue stock.<\/p>\n<\/blockquote>\n<p>The multiple to net asset value (mNAV) compares Strategy\u2019s market value with the value of the bitcoin it holds.<\/p>\n<p>The paperwork aligns with that, as Strategy disclosed a <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1050446\/000119312526295586\/mstr-20260706.htm\" target=\"_blank\" rel=\"noopener noreferrer\">BTC Monetization Program<\/a> on June 29 that lets it sell bitcoin to raise up to $1.25 billion for its USD Reserve, with the full amount still unused as of July 5. Its <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1050446\/000119312526413164\/mstr-20261005.htm\" target=\"_blank\" rel=\"noopener noreferrer\">latest weekly filing<\/a> shows $15.7 million of MSTR stock sales funding part of a 334 BTC buy. Elsewhere, Metaplanet <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/metaplanet-sells-10000-bitcoin-buys-11000-back-to-prove-liquidity\/\">sold 10,000 BTC<\/a> in Q3 to prove its treasury was liquid.<\/p>\n<p>Hayes then said what he watches instead, adding:<\/p>\n<blockquote>\n<p>I care more about inflows into ETFs. [Saylor] is gonna have to do more AI generated videos to stay relevant in this industry, because it doesn\u2019t matter anymore what he does.<\/p>\n<\/blockquote>\n<p>Lastly, he called Saylor\u2019s style \u201cchicanery\u201d and a \u201cPT Barnum\u201d circus for institutional investors, a theme he raised back in May when <a href=\"https:\/\/www.digitaltoday.co.kr\/cn\/view\/58268\/arthur-hayes-says-michael-saylor-is-not-a-btc-saviour-only-protects-strategy\" target=\"_blank\" rel=\"noopener noreferrer\">he warned holders<\/a> not to treat Saylor as a safety net.<\/p>\n<h2>A Single Word on BTC\u2019s $1 Million Bet<\/h2>\n<p>When asked whether bitcoin will hit a million dollars one day, Hayes emphatically replied \u201cyes,\u201d but failed to give an exact date or any sort of hard data to back his assertion. Bitcoin <a href=\"https:\/\/www.bitcoin.com\/price\/bitcoin\/\" target=\"_blank\" rel=\"noopener noreferrer\">currently sits near $85,300<\/a>, about 32% below the $126,199 record set exactly a year earlier. A $1 million bitcoin means roughly 11.7x from today.<\/p>\n<p>Hayes, however, kept his skepticism for other corners of the market, saying that \u201c99.99%\u201d of memecoin traders will continue to lose their money while simultaneously calling the stock market a bigger Ponzi than crypto.<\/p>\n<p>His closing message on Strategy was simpler, i.e. bitcoin\u2019s price no longer runs through Saylor but through the ETF tape.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/arthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/arthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue\/\"><img alt=\"Arthur Hayes Sees AI Bubble Ending in a Trillion-Dollar Rescue\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Farthur-hayes-sees-ai-bubble-ending-in-a-trillion-dollar-rescue-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">Arthur Hayes thinks artificial intelligence (AI) is unquestionably a bubble, but he\u2019s betting its eventual reckoning could be rocket fuel\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/finance\/arthur-hayes-saylor-no-longer-matters-bitcoin-1-million\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Arthur Hayes told Crypto Wendy O that Strategy\u2019s edge faded once ETFs gave investors other ways to own BTC. Hayes said he watches ETF inflows over Saylor\u2019s buys after U.S. spot bitcoin ETFs added $241M last week. Hayes backed a $1 million bitcoin without a date, [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":79136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79135"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79135"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79136"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}