The Inventor of Perpetual Swaps: A Bull Market Must Climb the “Wall of Worry”
Perpetual swaps inventor Arthur Hayes (known as “Brother Hei” in Chinese-speaking crypto circles) wrote:
At the start of a super bull market, the market must climb the “wall of worry.”
He listed four walls from history:
2017: The block size debate
2020: The pandemic
2023: The FTX collapse + central bank rate hikes
2026: FUD surrounding AI and crypto
Every time, the market thought, “This is the end.” Every time, it climbed over the wall.
Hayes isn’t just another KOL. He invented perpetual swaps and lived through three full cycles: 2017, 2020, and 2023. When he talks about the “wall of worry,” it’s not just motivational fluff—it’s something he himself has climbed over three times.
In 2017, the block size debate led to a Bitcoin fork and market panic. Later, BTC rose from a few thousand dollars to nearly $20,000.
In 2020, the COVID crash triggered circuit breakers, and U.S. stocks plunged for consecutive days. Later, BTC rose from $3,000 to $69,000.
In 2023, the FTX blowup and central bank rate hikes sent the market to a low point. Later, BTC rose from $16,000 to $73,000.
Each wall became the starting point of a bull market.
The wall of 2026
FUD surrounding AI and crypto.
What is the market worried about now? The AI narrative is drawing away capital, crypto has no new story, and regulation is uncertain.
Hayes says: This is the wall of 2026.
In short: Money will be printed, positions will rise. The wall is there to be climbed.
Perpetual swaps inventor Arthur Hayes (known as “Brother Hei” in Chinese-speaking crypto circles) wrote:
At the start of a super bull market, the market must climb the “wall of worry.”
He listed four walls from history:
2017: The block size debate
2020: The pandemic
2023: The FTX collapse + central bank rate hikes
2026: FUD surrounding AI and crypto
Every time, the market thought, “This is the end.” Every time, it climbed over the wall.
Hayes isn’t just another KOL. He invented perpetual swaps and lived through three full cycles: 2017, 2020, and 2023. When he talks about the “wall of worry,” it’s not just motivational fluff—it’s something he himself has climbed over three times.
In 2017, the block size debate led to a Bitcoin fork and market panic. Later, BTC rose from a few thousand dollars to nearly $20,000.
In 2020, the COVID crash triggered circuit breakers, and U.S. stocks plunged for consecutive days. Later, BTC rose from $3,000 to $69,000.
In 2023, the FTX blowup and central bank rate hikes sent the market to a low point. Later, BTC rose from $16,000 to $73,000.
Each wall became the starting point of a bull market.
The wall of 2026
FUD surrounding AI and crypto.
What is the market worried about now? The AI narrative is drawing away capital, crypto has no new story, and regulation is uncertain.
Hayes says: This is the wall of 2026.
In short: Money will be printed, positions will rise. The wall is there to be climbed.