1 month ago
13
Key Takeaways
- Arthur Hayes argues AI absorbed the capital that could have fueled this crypto cycle.
- His thesis: if the AI bubble bursts, that capital could rotate violently into crypto.
- Michael Saylor frames the drain as a temporary “suction effect,” not a structural break.
- Saylor estimates a reversal within 12 to 24 weeks, by end of 2026.
- Both views are bullish theses, dependent on AI capital eventually rotating back.
Speaking on the Bankless podcast, Arthur Hayes gave a blunt diagnosis of the disappointing cycle: “AI took all the money.” His argument is that every marginal dollar of printed fiat that historically flowed into Bitcoin and Ethereum got redirected into AI infrastructure instead. Bitcoin’s run from $69K to $125K, explosive by any prior cycle’s standard, felt muted precisely because capital was being absorbed elsewhere even faster. As he put it, “the only thing that investors want to allocate to is AI, whether that’s on the debt or the equity side.”
English (US)