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Arthur Hayes believes that the U.S. Treasury's bond buyback program will unleash a new wave of liquidity, pushing Bitcoin past the $110,000 mark and potentially toward $200,000. He likens the program to a form of "stealth QE" that supports hedge funds and creates a positive liquidity loop. Hayes draws parallels to 2022, when Treasury drained liquidity from the RRP, after which Bitcoin surged nearly sixfold. He believes a similar setup is unfolding and that Bitcoin will reaffirm its role as digital gold.