Arthur Hayes: The key institution shaping the future of Bitcoin is the US Treasury, not the Federal Reserve

Arthur Hayes, co-founder of BitMEX, said that the US Treasury, not the Federal Reserve, is the key institution affecting global liquidity and the future of Bitcoin.
Mr. Hayes points out that the US Treasury secretary is reshaping global liquidity by managing the ballooning debt burden through buy-backs and auctions. At the heart of the market's attention is whether dollar liquidity in the system continues to increase. In addition, geopolitical factors will also drive bitcoin prices higher. He predicts that the upcoming trade deal between the United States and China will be more symbolic than substantive changes.
He disclosed that about 60-65% of his portfolio is in Bitcoin, 20% in Ethereum (ETH), and the rest in "tokens with actual functions."