NOW: Arthur Hayes published a new essay, "Yen-quake," arguing the Treasury will engineer a weaker dollar to strengthen the yen. The resulting liquidity surge will send Bitcoin and crypto higher.

Arthur Hayes posted an essay called "Yen‑quake" saying the U.S. Treasury will try to make the dollar weaker so the Japanese yen gets stronger, and that the extra cash flowing into the market will push Bitcoin and other cryptocurrencies higher.

Published: 2026-08-11T03:40:55+00:00

Updated: 2026-08-11T04:32:54.091203+00:00

What happened

Arthur Hayes posted an essay called “Yen‑quake” saying the U.S. Treasury will try to make the dollar weaker so the Japanese yen gets stronger, and that the extra cash flowing into the market will push Bitcoin and other cryptocurrencies higher.

Confirmed

Global impact / market context

A weaker dollar could move investors toward assets that store value, like Bitcoin, which may lift crypto prices and draw new buyers looking for protection against a declining U.S. currency.

Analyst inference

The dollar’s value affects how money moves worldwide; when it falls, investors often seek alternatives. Crypto has historically risen in such periods, so this idea could shape short‑term price expectations for digital assets.

Analyst inference

What to watch

Any official Treasury comments or actions that hint at lowering the dollar, such as statements about changing interest rates (the cost of borrowing money) or direct market interventions. Proposed
Changes in the USD/JPY rate (the price of one dollar in yen); a quick rise in the yen would suggest the Treasury’s alleged policy is having an effect. Proposed
Movements in Bitcoin and other crypto prices after the essay, especially if trading volumes rise, indicating more cash is entering the crypto market. Proposed

Affected assets

NOW — ChangeNOW
BTC — Bitcoin

Evidence

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