Arthur Hayes: The Bitcoin narrative shifts to "wartime inflation," target price $125,000

BitMEX co-founder Arthur Hayes stated at the "Bitcoin 2026" conference that the narrative in the Bitcoin market is shifting from "AI deflation" to "wartime inflation," and reiterated his bullish stance on Bitcoin, with a target price of $125,000.

Hayes believes that the U.S.-Iran war is driving expectations for inflation and credit expansion, while improvements in bank system liquidity will offset the credit contraction caused by AI. He also mentioned that his liquidity indicators bottomed out last November and have been in sync with Bitcoin's movements.

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