Arthur Hayes considers the national cryptocurrency a tool for government manipulation

Arthur Hayes, the former CEO of the BitMEX cryptocurrency exchange, called government stablecoins «pure evil» because they can be used by the government to control the population.

CDBC’s are «Pure Evil», read on to find out why and what we can do to stop them.https://t.co/a1mHZkDsvI pic.twitter.com/NSFspQHZjj

— Arthur Hayes (@CryptoHayes) November 4, 2022

Hayes argues that with the introduction of a state-owned cryptocurrency (CBDC), the main actors in this «tragedy» will be the government and the political elite, which «will control people like puppets, as well as commercial banks.» While for ordinary users, the Central Bank’s digital currencies will be evil, the analyst believes that this initiative will bring real benefits to the government.

Hayes is convinced that state-owned cryptocurrencies pose a danger to commercial banks as well, as they can become an unnecessary intermediary between people and central banks. He called conventional banks «allies of users in the battle against CBDCs» because the participation of financial institutions makes it difficult to control the general public.

«The indifference of the majority will make it easy for governments to take our paper money and replace it with state-owned cryptocurrencies, creating a utopia or dystopia of mass financial oversight. The government will be able to control those who conduct transactions and monitor their goals. People cannot unite to resist the government’s attempts,» Arthur Hayes said.

In October, the former head of the BitMEX cryptocurrency exchange shared how he chooses altcoins for his own investments. According to Hayes, he always chooses cryptocurrencies from the top 20 by market capitalization. In his opinion, to be sure to win, you need to conduct a comparative analysis of the altcoin and try to predict whether the project will survive the next two years or not. However, this tactic does not always work. Earlier, Hayes not only made a mistake in his predictions about the ETH rate but was also convicted of violating a number of laws as a director of BitMEX.