Hayes Forecasts $1 Million Bitcoin Price Amidst AI Capital Waste

Arthur Hayes, CIO of Maelstrom and co-founder of crypto exchange BitMEX, spoke at Korea Blockchain Week (KBW) 2026 in Seoul. He forecast that Bitcoin's price will reach $1 million within a decade due to capital waste in the artificial intelligence sector.

Hayes likened the current AI investment frenzy to the 19th-century railroad development boom. He stated that enormous capital is being poured into AI data center construction, but the computing infrastructure is not generating expected returns. For every $2 incurred in costs, only $1 in revenue was generated by Anthropic last year.

Hayes warned of a potential mega-bailout exceeding the scale of the 2008 global financial crisis. He argued that governments will have no choice but to launch this bailout when capital waste reaches its limits. This liquidity injection would drive Bitcoin's price higher, much like it did in the past.

Hayes also emphasized the intersection of AI and crypto assets as a promising area within the future digital asset ecosystem. He mentioned that decentralized currencies like Flop will play a critical role in an era where AI agents lead payments.