TechFlow News, May 9: According to Cryptopolitan, Arthur Hayes, founder of BitMEX, stated at the Consensus Miami 2026 conference that 99% of altcoins will ultimately go to zero—a natural market process of survival of the fittest, analogous to how approximately 98% of companies in the S&P 500 have disappeared since 1929. He likened most tokens to software projects, asserting that failure is the norm and only a few ever achieve genuine user adoption.
On Bitcoin’s pricing logic, Hayes explicitly emphasized that BTC’s value is unrelated to politics or regulation; its core driver is the global fiat money supply growth rate—the more fiat currency printed, the higher Bitcoin’s value denominated in fiat. He also criticized centralized crypto firms for advocating regulation, arguing they do so to protect their own commercial interests rather than contribute to the industry’s advancement.
