Arthur Hayes, co-founder of BitMEX, has published a new article entitled "Black or White?" arguing that the incoming Trump administration may adopt a Chinese-like economic development model, which he calls "American capitalism with Chinese characteristics". Hayes expects the new government to promote the return of manufacturing to the United States through a massive fiscal stimulus and industrial policy, which will include tax incentives and subsidies for key industries, and cheap financing through the banking system. This is expected to lead to a rapid expansion of bank credit, which may exceed the scale of the $4 trillion stimulus during the epidemic. In this context, Hayes believes that Bitcoin will be the best choice to fight the devaluation of fiat currencies, which is expected to reach $1 million.