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Arthur Hayes urged to store savings in Bitcoin in war
Former CEO of BitMEX Cryptocurrency Exchange Arthur Hayes published an essay called For The War, in which he explained how Bitcoin will protect capital during the war.
According to him, governments have a wide range of tools to ensure the financial loyalty of citizens and restricting their ability to invest. In this regard, he proposed to pay attention to decentralized assets that cannot be banned entirely and whose value does not depend on the banking system.
“Any digital asset stored in banks, regardless of currency, may be confiscated. You must completely get out of the system, ”he said.
Hayes noted that the authorities can potentially prohibit the converting of fiat in bitcoin, but it will not be so easy for them to confiscate it with the owners.
Firstly, the assumption of a public address belongs to a particular person does not mean the presence of access to funds in the account. Also, cryptocurrencies do not have physical incarnation, which allows you to invisibly convert and use them.
“I can just remember Seed-Fraz and spend money when I want-no one will know about it. There are no outwardly visible signs of how many bitcoins I have, ”the ex-head of Bitmex explained.
He emphasized that the state would not be able to completely take control of bitcoins without the consent of their owner. Even in a situation of physical threats and pressure, the holder of cryptocurrencies may refuse to transfer the closed key.
Free markets are growing during the war. According to Hayes, if the goods on them are evaluated in electronic currency, bitcoin will become this currency.
He suggested that in the future the cost of an asset will switch from a fiat exchange rate to the course in relation to oil.
Hayes is sure that now the best time to buy the first cryptocurrency.
“Bitcoin is the best tool for ordinary people to protect their wealth,” he wrote.
In conclusion, Hayes added that the financial flexibility of an individual is guaranteed only if the capital is diversifying.
Recall that in October 2020, the Ministry of Justice of the United States and CFTC filed claims against the owners of BitMEX Arthur Hayes, Ben business, Samuel Reed and the head of the business development of Greg Dwyer on charges of violating the law on banking secrets and rules for KYC/AML-Procedure.
In the same month, Reed was arrested in the United States and released $ 5 million. The case and Hayes surrendered to the American authorities in March and April 2021, respectively. They were released on bail in the amount of $ 20 million and $ 10 million.
In the spring of 2022, Hayes, the case and Reed pleaded guilty to violating the law on banking secrets and pledged to pay fines of $ 10 million from each.
At the end of May, Heyes was sentenced to two years conditionally.
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