Bitcoin Gains Could Rise as AI Spending Doubts Mount

Arthur Hayes believes that doubts surrounding artificial intelligence (AI) spending could be a positive factor for Bitcoin's upside potential. According to him, AI has absorbed most of the global credit from 2022 to mid-2026, limiting Bitcoin's gains.

In an interview with Bitcoin Magazine on September 9, 2026, Hayes pointed out that tech companies' promises of major breakthroughs drew investors into AI-related stocks. This demand 'sucked up the marginal amount of credit issued globally,' he said.

As a result, Bitcoin's price gains remained modest by historical standards during this period, with its most recent all-time high reaching about twice the previous peak. Hayes described this as an 'unsexy bull pump' compared to earlier cycles.

The shift in sentiment around AI investment has started, with questions arising over whether it is generating meaningful returns. Hayes noted that accounting concerns involving Nvidia and profitability doubts facing companies like Anthropic and OpenAI are adding pressure on the sector.