Arthur Hayes argues crypto’s 24/7 trading accelerates capital cycles but mirrors traditional markets’ long-term attrition rates.
BitMEX co-founder Arthur Hayes stated that 99% of altcoins will eventually go to zero, comparing the trend to the S&P 500, where 98% of companies since 1929 have failed. He noted this attrition reflects broader market dynamics rather than a flaw in crypto.
Hayes highlighted that 24/7 crypto trading compresses capital-raising cycles but maintains innovation potential. The comparison underscores crypto’s role as a high-risk, high-reward asset class despite institutional adoption.
The remarks were made during a CoinDesk interview at the Consensus conference on May 5, 2026.