Hayes Predicts Bitcoin Will Reach $1 Million by 2028 Due to Capital Controls

Arthur Hayes, co-founder of Maelstrom, argues in his essay that America’s economic imbalances necessitate capital controls rather than tariffs. He predicts that these measures will accelerate Bitcoin's price to $1 million by 2028.

Key Points from Hayes' Analysis

Capital controls are favored over tariffs, which are politically ineffective.
Proposes a 2% annual tax on foreign-held US financial assets, potentially eliminating income taxes for 90% of Americans.
If foreign capital exits, the US may resort to quantitative easing, leading to devaluation of treasuries.
Bitcoin is positioned as a key asset for capital fleeing dollar-denominated instruments due to its censorship-resistant nature.
A migration of 10% of foreign-held US portfolio assets into Bitcoin could lead to significant price increases beyond a simple 10x rise.
Current BTC price stands at $102,377.

Bitcoin price