Hayes Sees AI Debt Fueling $1M Bitcoin as Nvidia Revenue Hits $96B

Arthur Hayes, former CEO of BitMEX, has predicted that AI-driven debt will drive Bitcoin's price to $1 million. This prediction comes despite the current market conditions, where AI tokens have lagged behind their cycle highs by 70-90%. Nvidia's quarterly revenue reached $96.2 billion, but this boom has not translated into gains for AI crypto tokens.

Tether's AI Research released Genesis III, a synthetic dataset designed to help smaller AI models explain STEM reasoning. This project aims to improve the transparency and accountability of AI decision-making processes.

Hayes also weighed in on the recent market rally, stating that regulation was never the catalyst for the rise in prices. Instead, he attributed it to the Federal Reserve's rate hike.