BlockBeats News, May 8th, BitMEX co-founder Arthur Hayes issued a warning to cryptocurrency investors and Bitcoin holders, stating that those who are overly focused on the Federal Reserve's policy have missed the point because the United States and China are gradually reaching a trade agreement. "The real focus is on the Treasury. Forget about the Fed, it's not important," Hayes said in a recent interview with CoinDesk. "Powell wasn't important during the Democratic Party's rule in 2022, and it's not important now during the Republican Party's rule."

For Hayes, the Federal Reserve has become a secondary player. He believes that the real monetary policy manipulation is happening in the hands of Treasury Secretary Yellen, who quietly reshapes global liquidity through repurchase and auction strategies to manage the ever-expanding U.S. debt burden. This liquidity flood, coupled with the current situation of uncontrolled U.S. spending, is why Hayes predicts Bitcoin will reach $1 million by 2028.

"We only care if there are more dollars in the system today than there were yesterday," Hayes said. "That's the key." However, monetary policy is not the only catalyst in his eyes. Hayes believes that geopolitics is also playing a role, especially the performative trade diplomacy between the U.S. and China. He stated that both sides may sign an agreement that seems bold on the surface but lacks substantive changes.