At CONNECT by Cointelegraph in Seoul, Maelstrom fund Chief Investment Officer Arthur Hayes suggested that US policymakers might increase money supply to finance artificial intelligence data centers and government debt, a move he believes could support cryptocurrency prices. Hayes noted that AI companies require trillions of dollars despite falling service prices, leaving limited options other than monetary easing. He also pointed to potential shifts from austerity to stimulus in China and monitored financial stress in France, specifically regarding BNP Paribas credit-default swaps.
The event highlighted institutional strategies for blockchain adoption. Portal Ventures General Partner Catrina Wang emphasized that banks and asset managers possess an advantage by leveraging existing customer relationships, stating that whoever owns the relationship controls the economics. R3 Co-founder Todd McDonald discussed connecting private networks like Corda to public chains such as Solana to access broader markets. World Liberty Financial Executive Vice President Justin Kugel argued that intermediaries remain necessary because many users prefer centralized exchanges for protection rather than self-custody. Franklin Templeton Senior Vice President Chetan Karkhanis confirmed no plans for a proprietary stablecoin but noted ongoing efforts to integrate tokenized money market funds with payment tokens, citing a June partnership with MoonPay for institutional investors.
Hayes’ thesis connects the capital-intensive nature of AI infrastructure with macroeconomic policy, suggesting that the need to finance trillions in data center costs could drive monetary expansion. This perspective frames cryptocurrency not merely as a speculative asset but as a hedge against liquidity injections required to sustain technological growth. The mention of specific geopolitical stressors, including French bond spreads and Chinese policy shifts, underscores how global macro conditions are increasingly intertwined with digital asset performance, creating a complex environment where traditional fiscal pressures directly influence crypto market dynamics.
The panel discussions reveal a pragmatic approach to institutional adoption, prioritizing distribution channels over pure decentralization. By focusing on existing customer bases, traditional finance firms aim to capture value through established trust networks rather than competing solely on technology. The persistence of intermediaries, as noted by World Liberty Financial, indicates that regulatory compliance and user experience still favor centralized models for many participants. Meanwhile, Franklin Templeton’s strategy of integrating tokenized funds without issuing its own stablecoin suggests a preference for interoperability within existing frameworks, highlighting a cautious path toward broadening crypto offerings while maintaining traditional fiat dependencies.
