TLDR
- Arthur Hayes, former BitMEX CEO, says France’s debt crisis will force the European Central Bank to print trillions of euros
- Hayes argues that France, as the Eurozone’s second-largest economy, has unsustainable debt levels that threaten the euro’s stability
- The crypto billionaire predicts capital flight from France will push money into Bitcoin as a safe-haven asset
- Bitcoin recently traded above $120,500, up over 7% in seven days, while Ethereum climbed near $4,500
- Hayes previously predicted Bitcoin could reach $1 million by 2028 due to similar central bank money printing in the United States
Arthur Hayes has turned his attention to Europe. The crypto billionaire and former BitMEX CEO published a blog post titled “Bastille Day” this week. He warns that France’s debt problems will force the European Central Bank to print massive amounts of money.
"Bastille Day" is an essay describing France's exit from the euro and the coming multi-trillion euro ECB bailout.https://t.co/5pX5BvIMNJ pic.twitter.com/xyxaWodh1N
— Arthur Hayes (@CryptoHayes) October 2, 2025
Hayes claims France holds the highest debt in the Eurozone. The country is the second-largest economy in the region. According to Hayes, the ECB will have no choice but to print trillions of euros to prevent the currency from collapsing.
“The ECB will valiantly print money to forestall the loss of its raison d’être,” Hayes wrote in his post. He added that France faces a dire fiscal situation. The central bank will either print money now or wait until capital controls threaten to destroy the euro.
Hayes believes this money printing will benefit Bitcoin. He argues that printed euros will combine with dollars, yuan, and yen to push up Bitcoin’s price. The crypto entrepreneur stated that Bitcoin will continue to rise against the euro.
The former exchange chief directed criticism at ECB President Christine Lagarde. Hayes accused her of overseeing a fragile monetary system. He suggested policymakers have no other options except to weaken the common currency.
Hayes predicts French citizens will move their money out of the country. This capital flight will create more pressure on the ECB. The central bank will then need to provide massive liquidity support to stabilize the system.
Bitcoin Price Movement
Bitcoin traded above $120,500 on Thursday. The price increased more than 7% over seven days. Most of these gains came this week as investors looked for safe-haven assets during a government shutdown.
Ethereum also posted gains during this period. The second-largest cryptocurrency climbed close to $4,500. This represented nearly a 10% increase from the previous week.
Traders cited Hayes’ essay as one factor behind the renewed buying. The crypto market has seen wider gains across digital assets. Bitcoin’s rise helped spark interest in other cryptocurrencies.
Hayes has made similar predictions about U.S. monetary policy before. Earlier this year, he forecast Bitcoin could reach $1 million by 2028. He based this prediction on Federal Reserve money printing policies.
France’s Economic Situation
France’s economic problems extend beyond government debt. Young people have protested in Paris and other major cities in recent months. These demonstrations focus on rising debt, stagnant wages, and concerns about future economic prospects.
Protesters have linked government austerity measures to ECB policies. Many demonstrators carry banners connecting central bank decisions to economic hardship. Hayes points to this social unrest as evidence that people are looking for alternatives.
Market observers note that Hayes often uses strong language in his predictions. Some analysts caution that his forecasts mix economic analysis with selective data. His track record on short-term price predictions has been mixed.
Hayes wrote that Bitcoin will rise regardless of when the ECB acts. He stated the cryptocurrency doesn’t care about the timing of money printing. According to his analysis, the outcome remains the same whether the central bank prints money now or later.
