Arthur Hayes: The global economy is deep in a debt crisis, actively embracing gold and Bitcoin.

Golden Finance reported live that on October 1, 2025, at the Token 2049 event, Arthur Hayes pointed out that the current global economy is deeply trapped in a debt crisis. Since 1970, the global debt-to-GDP ratio has skyrocketed from 110% to 360%. In particular, the United States will need to extend nearly $8 trillion in bonds by 2026, facing immense debt repayment pressure, which will most likely be resolved through money printing, leading to a flood of liquidity in fiat currency. At the same time, with the rise of the AI boom, although stocks related to NVIDIA and others have price-to-earnings ratios as high as 100 times, showing obvious signs of a bubble, the demand for computing power and data storage due to AI development is enormous. In this context, Arthur Hayes advises investors: firstly, to avoid European assets, as the economic landscape in Europe is turbulent, with severe capital outflows from France, a fiscal and political deadlock, and the Eurozone facing disintegration risks due to the crisis in France. European stocks have long underperformed the MSCI World Index, and assets such as bonds and stocks have poor risk resistance. Secondly, embracing hard assets such as gold and Bitcoin, the global liquidity easing and the risk of currency devaluation are intensifying. Gold and Bitcoin possess anti-inflation and decentralized attributes, making them excellent choices for hedging.