Hayes Sees Bitcoin Soaring Past $1 Million on AI Credit Crisis

Arthur Hayes, chief investment officer at crypto investment firm Maelstrom and co-founder of BitMEX, believes Bitcoin could reach $1 million if the AI investment boom ends in a credit crisis that forces large-scale U.S. government intervention.

Hayes argues that today's AI spending resembles a real estate credit bubble rather than a traditional technology bubble, driven primarily by financing for data center construction rather than sustainable technology profits.

He points to slowing data center construction expected from mid-to-late 2027 and a more visible deceleration by 2028, as well as broader concerns over the scale of AI investment, with annual spending estimated at $400 billion to $700 billion.