Arthur Hayes Views Fed’s RMP as Potential QE, Favoring Bitcoin and Scarce Assets
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The Federal Reserve’s reserve management purchases program, as analyzed by Arthur Hayes, functions similarly to quantitative easing by injecting liquidity into the economy, ultimately benefiting scarce assets like Bitcoin amid increased fiat money supply. Arthur Hayes views the RMP as disguised QE that expands liquidity through short-term Treasury buys. The program helps finance government spending without direct political backlash, recycling funds via money markets. Bitcoin and similar assets gain value faster than inflation, with BTC trading around $87,300 after recent fluctuations. Discover how Arthur Hayes sees the Fed’s RMP program boosting Bitcoin via QE-like mechanics. Explore impacts on crypto and economy in this in-depth analysis. Read now for key insights! What is the Federal Reserve’s Reserve Management Purchases Program and Its Link to Bitcoin? The Federal Reserve’s reserve management purchases (RMP) program involves buying short-term Treasury bills to maintain ample reserves in the banking system, a move that Arthur Hayes, co-founder of BitMEX, describes as a subtle form of quantitative easing. This initiative, announced by the Federal Open Market Committee on December 10, aims to ease money market pressures without altering core monetary policy. Hayes argues it indirectly supports scarce digital assets like Bitcoin by increasing overall liquidity. US Treasury issuance by maturity. Source: MacroMicro In his recent Substack essay, Hayes emphasizes that the RMP recycles liquidity through financial markets, effectively funding government expenditures while officials present it as a routine operation. This approach avoids the controversies surrounding traditional QE but achieves similar inflationary effects. As fiat currency supply grows, Hayes notes, assets with limited supply, such as Bitcoin, tend to appreciate more rapidly than the rate of money creation. “I love QE because it means money printing, and thankfully I own financial assets like gold, gold/silver mining stocks, and Bitcoin that rise faster than the pace of fiat money…
Filed under: News - @ December 19, 2025 11:21 pm