French central bank’s deficit is ‘great’ for Bitcoin: Arthur Hayes

France’s over $176 billion budget deficit may signal trillions of euros of newly printed money, potentially leading to more capital flowing into Bitcoin, according to Arthur Hayes.

The ballooning financial deficit of France’s central bank may spur a new wave of money printing, potentially unlocking billions in new capital for Bitcoin.

France’s central bank, the Banque de France (BdF), reported a net loss of 7.7 billion euros ($8 billion) in fiscal year 2024, mainly driven by negative net interest income due to high interest payments, according to a press release published in March 2025.

This brought France’s government deficit to over 168 billion euros ($176 billion) in 2024, representing 5.8% of the country’s Gross Domestic Product (GDP), significantly exceeding the European Union’s 3% limit.

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