BitMEX co-founder Arthur Hayes said in an interview during the Token2049 conference in Singapore that the Federal Reserve is about to announce its first interest rate cut since 2020, but risky assets, including cryptocurrencies, could plummet within days of the rate cut. Hayes believes that the rate cut is a bad decision because inflation is still a problem in the United States, and lowering borrowing costs will exacerbate inflation. In addition, the narrowing of the US-Japan interest rate spread could lead to a significant appreciation of the yen, triggering the position squaring of the yen carry trade. Hayes expects US interest rates to eventually fall from the current 5.25% -5.5% to near zero. He agrees with Scottish market strategist Russel Napier that the era of central banks is over and politicians will take over and direct banks to create liquidity in specific areas of the economy. In this case, Hayes said, cryptocurrencies would be the only asset that is globally portable and allows investors to get out of the system.