Crypto Market Bull Run Projected to Last Until 2028, Says Arthur Hayes

The global cryptocurrency market may be entering one of its longest and most powerful cycles yet. According to Arthur Hayes, co-founder of BitMEX and one of the industry’s most outspoken voices, the ongoing bull run could extend through 2028, fueled by sweeping regulatory changes, rapid adoption of stablecoins, and a deliberate push from the U.S. government to cement its dominance in the digital economy.

Speaking at the WebX conference in Tokyo on August 25, Hayes argued that the combination of political will and financial innovation is creating a rare set of circumstances that could sustain momentum in the crypto sector for years. His forecast comes at a time when Bitcoin trades near record highs, Ethereum continues to attract institutional investors, and digital assets are increasingly being integrated into the traditional banking system.

The Role of U.S. Policy

Hayes’ optimism is closely tied to the policy direction of the Trump administration, which has signaled a new era of support for digital assets. He emphasized that Washington’s strategy to harness stablecoins—cryptocurrencies backed by fiat currency, typically the U.S. dollar—will be central to reshaping global financial flows.

Reports suggest that the administration intends to channel the $10–13 trillion Eurodollar market into U.S.-controlled stablecoin ecosystems. If executed, this move could redirect vast amounts of capital away from offshore banking hubs and into government-backed digital assets. Treasury Secretary Scott Bessent is expected to encourage foreign governments to adopt U.S. dollar–backed stablecoins, reinforcing the dollar’s role as the world’s dominant reserve currency.

“This is not just about cryptocurrency,” Hayes told attendees in Tokyo. “It’s about a once-in-a-century realignment of how money flows globally. Stablecoins give the U.S. government a powerful tool to maintain dollar supremacy while integrating digital assets into the heart of the financial system.”

Why Stablecoins Matter

Stablecoins have long been described as the bridge between traditional finance and the crypto ecosystem. Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins offer price stability, making them practical for payments, remittances, and settlement across borders. Hayes believes this utility will play a decisive role in sustaining the bull run, as demand for stable assets skyrockets alongside mainstream adoption.

Industry data supports this view. Stablecoin transaction volumes now exceed trillions of dollars annually, and their use is expanding far beyond crypto trading. From e-commerce platforms to decentralized finance (DeFi) protocols, stablecoins are becoming embedded in the architecture of digital finance.

Banking giants are taking notice. The Bank of America has publicly acknowledged the potential of stablecoins, and leading financial institutions are actively researching ways to integrate tokenized fiat currencies into their operations. Meanwhile, in India, CoinDCX CEO Sumit Gupta has called for the creation of an INR-backed stablecoin to modernize payment systems and enhance financial inclusion.

“The true power of stablecoins is their ability to make cross-border transactions faster, cheaper, and more efficient than the traditional banking model,” Hayes explained. “This is not a fringe technology—it is the future of money.”

A New Era for DeFi

Hayes also outlined which sectors of the crypto ecosystem stand to benefit the most. He pointed to DeFi platforms such as Ethena, Hyperliquid, Ether.Fi, and Codex, which are well-positioned to leverage the coming surge in stablecoin liquidity. These decentralized platforms offer yield opportunities and financial products that traditional banks cannot match, attracting both retail and institutional investors.

The entry of massive amounts of dollar-backed liquidity, Hayes argued, will create new investment avenues, enabling DeFi to grow into a mainstream segment of the global financial system. In particular, yield-bearing strategies, staking protocols, and decentralized lending markets could flourish as the supply of stable assets increases.

“This is not just about speculation,” Hayes said. “We’re talking about building a parallel financial system that is more transparent, more efficient, and more accessible than what we have today.”

Social Media and the Next Wave of Adoption

Perhaps one of the most striking aspects of Hayes’ prediction involves the role of social media companies. He suggested that platforms such as Facebook and Twitter could eventually offer dollar-based accounts to users in developing nations. This, he believes, could unlock trillions of dollars in new demand for U.S. Treasury assets, while simultaneously undermining the control that governments currently exert over their local currencies.

The implications are profound. If billions of people in emerging markets begin using dollar-backed stablecoins through platforms they already rely on daily, the global financial map could shift overnight. Hayes likened this potential transformation to the oil boom that propelled John D. Rockefeller to unprecedented wealth, calling it “a once-in-a-century market opportunity.”

Support From Industry Leaders

Hayes’ outlook is not without supporters. A growing number of industry leaders, policymakers, and financial analysts agree that the integration of stablecoins into mainstream finance could mark a turning point for the crypto industry.

The International Monetary Fund (IMF) has previously acknowledged the potential benefits of properly regulated stablecoins, while the Bank for International Settlements (BIS) has called for frameworks that balance innovation with stability. Private-sector players, from fintech startups to global investment firms, are racing to position themselves ahead of what could be the most transformative era for digital assets yet.

Sumit Gupta’s advocacy for national stablecoins underscores a broader trend: countries are increasingly exploring ways to leverage tokenized currencies without fully ceding control to decentralized cryptocurrencies. Central bank digital currencies (CBDCs) are one response, but Hayes maintains that dollar-backed stablecoins will have the upper hand due to their liquidity, global trust, and direct ties to the U.S. financial system.

Risks and Counterarguments

Despite Hayes’ confidence, not everyone shares his bullish outlook. Critics warn that overreliance on U.S.-controlled stablecoins could expose global markets to geopolitical risks. If the U.S. government gains unprecedented influence over digital currency flows, smaller nations may find their financial sovereignty eroded.

Others caution that the regulatory landscape remains uncertain. While the Trump administration appears supportive, future political shifts could bring stricter oversight or outright restrictions. Moreover, the technical challenges of scaling stablecoin systems securely and reliably remain significant.

Nevertheless, Hayes argues that the momentum behind the current bull run is too strong to be derailed easily. “This cycle is different,” he insisted. “The infrastructure is stronger, the adoption is broader, and the geopolitical stakes are higher than ever before.”

Looking Ahead

If Hayes is correct, the crypto market may have several years of sustained growth ahead. For investors, policymakers, and everyday users, the coming era could redefine not only digital finance but also the very nature of global monetary power.

What began as a niche movement has now become a central pillar of financial innovation, with stablecoins serving as the linchpin. Whether the bull run extends to 2028 will depend on many factors—policy decisions, technological breakthroughs, and investor confidence—but the trajectory is unmistakably upward.

As Hayes concluded in Tokyo: “We are standing at the threshold of a financial revolution. Those who recognize the opportunity today will be the ones who shape the future.”

Source: CoinGabbar

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