BitMEX co-founder Arthur Hayes said in a post on X that the start of a super bull market requires the market to climb a “wall of worry.” He pointed to several examples from past cycles to make the case. In his view, 2017 was defined by the block size debate, 2020 by the COVID-19 pandemic, and 2023 by the collapse of FTX and central bank rate hikes. Hayes said 2026 will be marked by FUD tied to AI and crypto. He ended the post with a short line that summed up his stance: “Money will be printed, bags will go up.” The comment frames market fear as a recurring feature at the beginning of major upcycles rather than an exception.
BitMEX co-founder Arthur Hayes said in a post on X that the market has to climb a “wall of worry” at the start of a super bull market.
He listed several examples: the block size debate in 2017, the COVID-19 pandemic in 2020, and the collapse of FTX alongside central bank rate hikes in 2023. For 2026, he said the market’s worry point will be AI-related crypto FUD.
Hayes added: “Money will be printed, bags will go up.”
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