Arthur Hayes, co-founder of BitMEX, has released a latest article titled "Black or White?" He believes that the incoming Trump administration may adopt a development model similar to that of China, which he calls "American capitalism with Chinese characteristics". Hayes expects the new government to promote the return of manufacturing to the United States through large-scale fiscal stimulus and industrial policies, including tax incentives and subsidies for key industries, and providing cheap financing through the banking system. This is expected to lead to rapid expansion of bank credit, with a scale that may exceed the $4 trillion stimulus scale during the pandemic. Against this background, Hayes believes that Bitcoin will become the best choice to counter the depreciation of fiat currency, and is expected to reach $1 million.