Arthur Hayes: 99% of altcoins or zeroing belong to market cleansing

Arthur Hayes stated at Consensus Miami 2026 that 99% of altcoins may go to zero, which is a normal market cleansing phenomenon. He mentioned that 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. Cryptocurrencies collapse faster due to their round the clock trading and unrestricted nature. He suggested treating tokens as software, as most failures due to inability to acquire users are a business norm. He believes that the price and future value of Bitcoin depend on the total amount and creation speed of fiat currency, and are not related to politics or regulation. At present, the trading price of Bitcoin is about $82000, and its utility lies in transferring value outside the traditional financial system. He also pointed out that centralized cryptocurrency companies seek regulation to protect their businesses, but it will not affect the effectiveness of Bitcoin or cryptocurrencies.