Core Viewpoint - Former BitMEX CEO Arthur Hayes predicts Bitcoin will reach $3.4 million by 2028, contingent on significant monetary policy changes led by Treasury Secretary Scott Bessent, which could result in extensive money printing and a transformation of the global monetary system [1]. Group 1: Monetary Policy and Predictions - Hayes' prediction is based on an estimated $15.229 trillion in combined Federal Reserve and commercial banking credit growth through 2028 [1]. - The model assumes the Federal Reserve will purchase 50% of new Treasury debt issuance, with bank credit expanding by $7.569 trillion during Trump's remaining term [2]. - Hayes anticipates a "once in a century change" in the global monetary architecture due to these policies [1]. Group 2: Federal Reserve Control - Hayes refers to Bessent as "Buffalo Bill" for his expected dismantling of the Eurodollar banking system, which involves controlling foreign non-dollar deposits estimated at $34 trillion globally [3]. - The Trump administration requires four seats on the Federal Reserve Board of Governors to influence short-term rates through the Interest on Reserve Balances mechanism [3]. - Potential allies for Trump's camp include Governors Bowman and Waller, along with newly confirmed Stephen Miran, bringing the total to three supporters [4]. Group 3: Legal and Political Developments - The Department of Justice is reviewing potential bank fraud charges against Fed Governor Lisa Cook, which Hayes believes could lead to her resignation by early 2026 [5]. - Trump's team plans to replace Fed district bank presidents during the February 2026 elections, aiming for control of the Federal Open Market Committee [5]. Group 4: Stablecoin Infrastructure - Hayes outlines a strategy for redirecting $10-13 trillion in Eurodollar deposits by threatening to withdraw Federal Reserve support for foreign banks during financial crises [6]. - This policy shift would likely push Eurodollar depositors towards compliant stablecoin issuers like Tether, which invest in U.S. bank deposits and Treasury bills [6].