Arthur Hayes predicts AI infrastructure debt could trigger a 2008-style bailout, fueling bitcoin to $1 million.
Bitcoin could surge to $1 million if an AI-driven credit bubble collapses, according to BitMEX co-founder Arthur Hayes. He argues the current AI infrastructure buildout resembles the 2008 mortgage crisis, with hyperscalers borrowing against depreciating data centers under the guise of tech financing.
Hayes expects capex growth to stall by late 2027, leading to a credit unwind similar to pre-2008 mortgage lending. Governments may intervene with liquidity injections, benefiting bitcoin. The cryptocurrency traded near $64,200 Wednesday, remaining range-bound since May.
The recent AI selloff is viewed as a temporary dip within a broader bull market, with liquidity from potential bailouts seen as a catalyst for bitcoin’s rally.