Arthur Hayes Proposes Bitcoin-Backed NakaDollar, Which Would Rely on Exchanges to Maintain Dollar Peg

“We, the crypto faithful, have the tools and the organisations needed to support $1 trillion or more worth of NakaUSD outstanding,” Hayes wrote Thursday. “If this solution were embraced by traders and exchanges, it would lead to a large growth in Bitcoin derivatives open interest, which would in turn create deep liquidity.