Arthur Hayes Says France’s Debt Crisis Could Push Bitcoin Higher
October 2, 2025
Crypto billionaire Arthur Hayes has unleashed his sharpest critique yet against Europe’s monetary leadership. He warned that the European Central Bank (ECB) is on the brink of disaster — a crisis he says will funnel investors toward Bitcoin.
In a fiery new blog post titled “Bastille Day,” the former BitMEX chief argued that France’s ballooning debt will push the ECB into unlimited money printing. He said the euro will weaken, while Bitcoin could strengthen as investors seek scarce assets.
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Hayes’ latest broadside was directed at ECB President Christine Lagarde, whom he accused of presiding over a fragile system.
“The ECB will valiantly print money to forestall the loss of its raison d’être,” he wrote, suggesting that policymakers have no alternative but to debase the common currency.
France, the eurozone’s second-largest economy, carries one of the region’s heaviest debt burdens. According to Hayes, its fiscal situation is so dire that either the central bank steps in with massive liquidity support or capital controls will be imposed to stop money from fleeing.
“Either way, trillions in euros get printed,” he warned.
Bitcoin surged past $120,500 on Thursday, up more than 8% in seven days, with traders citing Hayes’ essay as one reason behind renewed risk-taking. Ethereum also gained, climbing close to $4,500, extending a week-long rally.
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Hayes predicted that France’s crisis would trigger a wider loss of confidence in the eurozone. He likened the looming monetary response to “lighting the printing press on fire.” He argued this outcome would strengthen Bitcoin’s role as a global safe-haven.
“Bitcoin doesn’t care and will continue its inexorable rise versus the piece of trash that is the euro,” he wrote.
The financial alarm bells Hayes described are also playing out in French society. Younger generations, particularly the so-called MZ cohort, have taken to the streets in recent months. They protest rising debt, stagnant wages, and fears that their futures are being mortgaged.
Demonstrations in Paris and other major cities have drawn thousands. Banners often link government austerity and ECB policy to generational hardship. For Hayes, such unrest underscores the urgency of finding alternatives, with Bitcoin presented as the most direct hedge.
Hayes has made similar claims about the US Federal Reserve in the past, projecting that excessive dollar issuance could send Bitcoin to $1 million by 2028. Now, he is applying the same thesis to Europe, betting that the euro’s weakness will accelerate capital flows into digital assets.
Still, market observers caution that Hayes’ dramatic predictions often mix sharp rhetoric with selective economic data.
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