I found Arthur Hayes's comments at the recent Miami Consensus quite interesting. The idea that 99% of altcoins will eventually become worthless initially sounds shocking, but upon reflection, it’s a quite reasonable observation.

Arthur Hayes's main argument is that this is a normal market cleansing process. Compared to failing stocks, about 98% of companies listed on the S&P 500 since 1929 have disappeared. The logic is that cryptocurrencies, due to 24/7 trading, low regulation, and high volatility, are bound to collapse much faster.

But there's an important point here. Arthur Hayes emphasized that this doesn’t mean the end of the cryptocurrency industry. If you see tokens as software projects, most software fails, which is expected. The market always replaces old investments with new ones.

What’s even more interesting is Hayes’s comment on the factors influencing Bitcoin’s price. He argued that it’s not politics or regulation, but the issuance of fiat currency that’s key. The more money the US and the world issue, the higher Bitcoin’s relative value becomes.

What personally caught my interest was Hayes’s call for a shift in industry perspective. Focusing only on traditional finance and regulation misses the core. The true value of cryptocurrencies lies in their ability to transfer value outside the existing financial and banking systems. That’s the very reason this industry exists.