Arthur Hayes, the co-founder of the cryptocurrency exchange Bitmex, wrote a long and comprehensive blog post, namely “Energy Cancelled,” describing the economics behind the ongoing Russia-Ukraine war.

The blog post, published on March 16, discusses the consequences of canceling the world’s largest energy exporter and the end of the monetary system controlled by the “Petro Dollar” and “Euro Dollar.” According to Hayes, removing Russia and the collateral its resources represent from the financial system will have significant consequences.

A few days after the International Monetary Fund (IMF) warned the “economic consequences are already very serious”, the U.S. lawmakers introduced a bill to sanction Russia’s gold reserves. According to Anton Siluanov, Russia’s finance minister, half of the country’s gold and foreign reserves of about $300 billion are frozen.

According to Hayes, following the “cancellation” of the world's largest energy producer, we have to be ready to see $1 million Bitcoin and $10,000 Gold.