Arthur Hayes, in his latest blog post, predicts that Bitcoin will underperform compared to gold and the Nasdaq in 2025. He attributes this to a decline in dollar liquidity affecting Bitcoin's price. Hayes suggests that gold will rise as sovereign nations accumulate it as a hedge against the risk of U.S. debt confiscation. Meanwhile, the Nasdaq is expected to benefit from strong government support for the AI industry. Looking ahead to 2026, Hayes anticipates an expansion in dollar liquidity, driven by an increase in the Federal Reserve's balance sheet, more bank loans, and lower mortgage rates, which could potentially boost Bitcoin prices.