Hayes argued that increased military spending tied to the Iran conflict and a government push on AI infrastructure — at the expense of US Treasurys and equities — will lead to more fiat currency printing. That, he said, could push Bitcoin to $126,000.
The fiat printing thesis
Hayes laid out a straightforward chain: when the government ramps up spending on conflict and technology, it needs to fund that spending. Traditional safe havens like Treasurys and equities get less attention. The gap gets filled by central bank money creation.
More dollars in the system, he argued, erodes purchasing power and sends people toward hard assets. Bitcoin, in his view, is the main beneficiary.
The Bitcoin target
The $126,000 figure isn't pulled from a model. It's based on Hayes's reading of the monetary response to the twin spending pressures. He didn't specify a timeline beyond a 2024 target, but the logic rests on the idea that the printing has already begun.
The prediction puts Hayes well above most current forecasts. Whether it lands depends on how much the Fed and other central banks actually print — and whether crypto markets respond as he expects.
