🚨 Arthur Hayes: Fed Currency Swaps Could Become a Hidden Money Printer Arthur Hayes believes the US and Japan could use an unlimited USD/JPY swap line to support the Japanese yen without forcing Japan to raise rates or dump its US Treasury holdings. In Hayes’ view, the result could look similar to yield-curve control: the Fed creates additional dollars, Treasury yields come under pressure, and global liquidity expands. That could be bullish for stocks and crypto, as a growing supply of dollars and yen chases scarce assets. Under this scenario, Hayes believes Bitcoin could potentially reach $1M+. 👀 The key indicators to watch: • USD/JPY • The size of Fed dollar swap lines • Any sudden expansion of swap activity A major increase in dollar swaps could signal that this liquidity mechanism is being activated. ⚠️ The biggest risk: excessive dollar debasement could eventually undermine the US dollar’s role as the world’s reserve currency. $BTC