Crypto’s Virgil Through the Market Hellscape

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.cryptohayes has been many things to crypto over the years: a builder, a showman and a criminal. This year, he became something of a sage. He joins MostInfluential2022, presented by bitstamp:

Arthur Hayes has been many things to crypto over the years: a builder, a showman and a criminal. This year, as the industry collapsed around users, he’s been a wise commentator able to bring people through complex topics in the markets and business in a series of blog posts. He’s like Virgil leading pilgrims through the layers of Hell as each new month brings a fresh calamity.

In this sense, Hayes is also living proof of something in crypto called the “redemption arc,” where former villains become heroes. For better or worse, crypto has embraced more than its fair share of convicted felons and fraudsters. Not everyone will welcome back FTX’s Sam Bankman-Fried or Three Arrows Capital co-founders Kyle Davies and Su Zhu . But even convicted fraudsters can earn a seat at the table if they know how to make money.

Hayes, for instance, was invited to deliver the farewell keynote at CoinDesk’s inaugural I.D.E.A.S. conference. He had pleaded guilty along with BitMEX co-founders Benjamin Delo and Samuel Reed to violating the Bank Secrecy Act in February and is still under two years’ probation. Despite the conditions, Hayes said crypto is still generating new visions and isn’t done innovating, even if it takes time to build back from the bear market.

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