Arthur Hayes: 99% of altcoins may go to zero, which is a normal market cleansing

Arthur Hayes stated at the Consensus Miami 2026 event that 99% of altcoins may drop to 0, which is a normal market cleansing. Since 1929, about 98% of companies in the S&P 500 index have gone to zero, and most stocks are also altcoins in the long run. The speed of the cryptocurrency collapse is faster due to 24/7 trading and lack of restrictions. It is suggested to view tokens as software, and most software projects fail due to inability to gain users, which is a common business norm.

The price and future value of Bitcoin depend on the total amount of fiat currency and the speed at which fiat currency is created, unrelated to politics or regulation. Currently, the trading price of Bitcoin is about $82,000, and its utility lies in allowing users to transfer value outside of the traditional financial system. Centralized crypto companies seek regulation to protect their businesses, but this will not affect the validity of Bitcoin or cryptocurrencies.