Hayes Sees Bitcoin $1 Million by 2030, Linked to AI Debt Crisis

Arthur Hayes, Maelstrom's chief investment officer, has reasserted his forecast that Bitcoin could reach $1 million by 2030. He believes a potential acceleration in late 2027 or early 2028 could be linked to stress in debt-funded artificial intelligence infrastructure. Hayes argues that aging AI hardware and long repayment schedules could lead to possible credit losses.

According to Apollo's estimates, AI financing could support more than $2 trillion in additional investment-grade debt. This is a significant concern, as it highlights the potential risks associated with the growing AI infrastructure. Hayes has previously warned about the dangers of an AI investment downturn, comparing it to the 2008 credit crisis.

Hayes expects financial pressure to emerge if data-center earnings cannot cover the large sums committed to construction and computing equipment. His projected Bitcoin rally depends on policymakers responding to losses among borrowers and financial institutions with measures that expand liquidity.