More and more analysts are predicting a shift in the world’s economy as tariffs get enacted and affect consumers and producers worldwide. Arthur Hayes, former CEO and co-founder of Bitmex, a global crypto exchange, has referred to how tariffs would make countries shift from natural investments like stocks and U.S. treasuries to other value assets.

Hayes, recently pardoned by President Donald Trump for failing to maintain adequate AML and KYC programs, stated that this new trade order would mean the end of U.S. treasuries and equity as a global reserve asset.

Read more: President Trump Clears Bitmex Founders’ Convictions

On social media, Hayes clarified that, if the U.S. deficit gets corrected, more countries would abandon the U.S. debt bandwagon and sell whatever assets they have to start from scratch again, formulating U.S.-like country-first policies due to the dollar scarcity.

Hayes asseverated:

Even if Trump backtracks on the severity of the tariffs, no finance minister or world leader can risk Trump changing his mind again.

Hayes explained that this represents the return of gold as a neutral reserve asset, as the dollar will keep being a reserve asset but most global markets will choose gold to settle global trade. He stated that this is why Trump has not applied tariffs to gold, as it must flow freely in this new market conception.

Before, Hayes publicly voiced his support for the idea of tariffs implemented by the Trump administration to correct several economic imbalances.

Read more: Arthur Hayes Champions Tariffs as a Path to Strengthen Bitcoin and Gold

“For those who want to adapt to a return to pre-1971 trade relationships, buy gold, gold miners, and $ BTC,” Hayes recommended, remarking on the relevance of these commodities as hedges against money printing and the effects of restrictive foreign tariffs.

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