Arthur Hayes, co-founder of BitMEX, critiques the Federal Reserves new reserve management purchases (RMP) program, likening it to a stealthy form of money printing. He argues that this strategy, which involves buying short-term government bonds, helps fund government spending while avoiding negative public perception associated with traditional quantitative easing. Hayes believes this expansion of money supply favors scarce assets like Bitcoin, gold, and silver, benefiting asset holders like himself but eroding purchasing power for those without assets. The Federal Open Market Committee recently cut interest rates and announced purchases of short-term Treasury securities, with Fed Chair Jerome Powell stating these actions are not a change in monetary policy. Some analysts suggest a sustained Bitcoin rally might not occur until the rate-cutting cycle resumes in 2026. This ongoing debate underscores the intricate relationship between central bank policies, inflation, and asset values, particularly in the cryptocurrency space.

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