Arthur Hayes has never been shy about his views on the global economy. The former BitMEX CEO has long argued that governments will keep printing money, inflation will not disappear easily, and geopolitical tensions will continue to rise. His latest portfolio snapshot suggests he's investing with that outlook in mind
In a recent post on X, Hayes shared a breakdown of what he currently owns. It wasn’t a typical tech-heavy or index-focused mix. Instead, it reflected a worldview shaped by conflict, currency risk, and structural change. He grouped his holdings into traditional equities, crypto assets, and physical gold, offering a clear window into how he sees the future.
Jemi Motesho
Gold and Miners as a Hedge Against Monetary Risk
At the core of Hayes’ portfolio sits gold, both in physical form and through mining companies. Physical gold, which he has repeatedly praised in past essays, represents something simple and old. It cannot be printed. It doesn’t depend on a network, and it doesn’t default.
His exposure also includes miners focused on gold, silver, copper, and uranium. These sectors tend to benefit when commodity prices rise. Copper is often seen as essential for electrification and infrastructure; Uranium connects to nuclear energy expansion, and Silver has industrial and monetary demand. In Hayes’ framework, these aren’t just trades. They’re protection against what he believes is long-term currency debasement.
Hayes’ portfolio also includes oil majors, Latin American energy firms, and defense contractors. He referred to defense stocks as “merchants of death.” Yet his investment case is straightforward. If geopolitical tension rises, governments spend more on defense. If energy supply becomes unstable, oil and gas prices can climb.
In recent years, global conflicts and supply chain disruptions have made these themes hard to ignore. Hayes appears to see them not as short-term shocks, but as part of a longer shift toward fragmentation and competition between major powers.
Bitcoin, Ethereum, and a Bet on HYPE
Crypto remains central to his strategy. Hayes listed holdings in Bitcoin and Ethereum, the two largest digital assets, and has consistently described Bitcoin as digital gold, a hedge against monetary expansion.
At the same time, Hayes’s conviction in Bitcoin is closely tied to his outlook on government spending. He has pointed to the projected US budget deficit of $1.92 trillion for fiscal year 2024, following a deficit of more than $1.7 trillion the previous year. With spending rising sharply, he argues that fears of an immediate recession may be misplaced. “There will be no recession.”
Ethereum, meanwhile, anchors much of decentralized finance and on-chain activity. He also holds Zcash, known for its privacy features, and HYPE, the token tied to the Hyperliquid ecosystem. Hayes believes certain crypto projects will thrive as traders move toward decentralized infrastructure.
Taken together, the portfolio reflects a single theme. Arthur Hayes isn't positioning for calm markets. He's positioning for stress. Gold for currency weakness. Oil and defense for geopolitical tension. Crypto for financial disruption. Whether one agrees with him or not, the portfolio tells a clear story about the risks he sees ahead.
Jemi Motesho
