AI Debt Crisis Could Send BTC Toward $1M Target

Arthur Hayes, chief investment officer at Maelstrom, is doubling down on his prediction that Bitcoin will reach $1 million by 2030. He believes an AI infrastructure debt crisis could trigger a liquidity wave that drives BTC toward his target.

Hayes expects the slowdown in AI-related capital expenditures to begin during the second half of 2027, which could expose weaknesses in the enormous amounts of credit being used to finance data centers, chips, and computing infrastructure.

The theory is that if AI-related projects struggle to generate enough cash to service their debts, losses could spread to banks, private-credit funds, and other lenders. Governments and central banks could then respond by injecting liquidity into the financial system, ultimately benefiting scarce assets like Bitcoin.