Arthur Hayes is the billionaire cofounder of BitMEX and Maelstrom. In this fireside chat with Balaji, he covers his macro worldview, his new stem cell company, and why Arthur believes code is more predictable than law. X - https://x.com/cryptohayes IG - https://www.instagram.com/cryptohayes/ LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/ Substack - https://cryptohayes.substack.com/ OUTLINE 0:44 - Is the bull market over in crypto? 2:30 - Central banks will buy gold 5:50 - Taking a risk on stem cells 7:35 - The Fed hasn't sold a single bond longer than 10 years 12:00 - The code-based order is much more reliable than the local order. 13:20 - Stablecoins are a new banking license. 15:30 - Trump got debanked, which allowed for stablecoins 17:02 - People's attachment to the lottery ticket of birth. LINKS Network State Conference: https://ns.com/conference Full Network State Conference 2025 playlist: https://www.youtube.com/playlist?list=PLJg2RipiXz8oDoMPCsmOVI_UEaSNbgjA6