• Macro shifts from US debt and tariffs favor Gold and Bitcoin, say CZ and Hayes
• CZ observes current crypto market speculation, awaits long-term builders’ return
• Hayes connects US policy risks to potential Fed easing and $1 million Bitcoin target

In a world facing rapid financial changes and significant geopolitical shifts, investors are rethinking their approach to traditional assets. Leading voices in the crypto world, like Changpeng Zhao (CZ) and Arthur Hayes, are weighing in on why we’re seeing a growing interest in alternative investments such as gold and Bitcoin.

Both CZ and Hayes offer valuable perspectives that shed light on current crypto market behavior and the larger macroeconomic forces at play.

CZ: Speculative Frenzy Reigns, But Builders Will Return

Changpeng Zhao (CZ), the former CEO of Binance, recently shared his observations on a shift in crypto sentiment. Taking to X, he pointed out that many participants seem to be prioritizing quick gains over building valuable technology, focusing more on “who can exit with the biggest bag.” This speculative mindset, especially visible in the memecoin frenzy, is a worry for those focused on long-term growth and development in the crypto space.

Despite this, CZ remains optimistic. He believes that dedicated developers – the “builders” – will return to the forefront, especially after the current wave of speculation cools down. History shows that true innovation often emerges from bear markets. For those with a long-term perspective, CZ advises patience and a continued focus on building.

Related: Trump Tariffs Shock Markets: Crypto Loses $100B, Bitcoin Price Unstable

Hayes: US Debt, Tariffs Undermine Treasuries, Boost BTC/Gold

Arthur Hayes, co-founder of BitMEX, offers a broader macroeconomic perspective on this shift. His argument is that the global financial system’s dependence on the dominance of U.S. Treasuries is showing cracks. He attributes this to the immense U.S. federal debt that has built up since the country moved away from the gold standard in 1971.

Hayes links this long-term increase in debt to rising domestic political unease and the surge of “America-first” trade policies, like the recent tariffs initiated by President Trump.

According to Hayes, these tariffs are disrupting the usual flow of dollars around the world. If countries earn fewer dollars from trade, they have less capacity to purchase U.S. debt. This situation could potentially force them to sell their existing holdings of US Treasuries and stocks, which in turn could weaken traditional markets. The uncertainty created by these policies also discourages countries from relying too heavily on the U.S. financial system.

Consequently, Hayes anticipates a resurgence of gold as a favored neutral reserve asset for international trade because it’s immune to such policy impacts. He then positions Bitcoin as the digital equivalent, gaining traction as a reliable store of value when confidence in traditional financial systems weakens.

Hayes’ $1M Bitcoin Path Tied to Policy Fallout, Currency Wars

Hayes believes this fundamental shift could push Bitcoin to reach a staggering $1 million. He particularly highlights the scenario of escalating currency tensions between the U.S. and China as a major catalyst for this price surge.

Related: Bitcoin’s Trump Tariff Test: Down to $82k, Can $78k Support Endure?

More specifically, Hayes anticipates the USD/CNY exchange rate climbing to 10.00 due to geopolitical forces. He describes this potential currency movement as a “super bazooka” that could significantly boost Bitcoin’s price.