1 month ago
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Key Takeaways
- Hayes warns rising oil prices (US-Iran tensions) and upcoming massive IPOs (OpenAI, Anthropic) can pop the AI bubble by September 2026.
- An AI correction might cause banks to tighten credit lines, initially dragging Bitcoin and all risk assets down together.
- Hayes’ fund sold off HYPE, NEAR, WLD, and ZEC last week to maximize capital preservation.
In his latest market essay, “Reality Test,” Arthur Hayes, Chief Investment Officer of crypto fund Maelstrom and co-founder of BitMEX, argues that the macro liquidity expansion meant to fuel Bitcoin’s bull run has been entirely hijacked by artificial intelligence.
His underlying data points to a stark reality: global M2 money supply expanded by roughly $1.5 trillion over the last few years, a period mirroring an identical $1.5 trillion surge in debt issuance by AI companies. While correlation doesn’t always equal causation, the tight overlap suggests that AI...
English (US)