Arthur Hayes Says Bitcoin’s Going to $1 Million After an AI Credit Bust

Arthur Hayes says Bitcoin’s climb to $1 million depends on the AI industry’s credit problems, not its earnings. In a new essay titled “Situationship,” the BitMEX co-founder makes his case.

He argues that AI data center spending resembles 2008-style debt speculation rather than 2000-style dot-com overvaluation. He expects central banks to print enough money to eventually rescue over-leveraged AI lenders.

That flood of liquidity, he says, is what carries Bitcoin toward seven figures. Why Hayes Separates AI From the Dot-Com Bubble Hayes argues investors mistake data centers for pure technology.

In his view, they are really real estate developments packed with fast-depreciating chips. He made a related case in May. Back then, he called AI spending history’s largest fiat credit bubble and set an initial Bitcoin price target near $126,000.