Arthur Hayes Says AI Bubble Could Make BTC Hit $1M
In the latest Bitcoin news, Arthur Hayes, BitMEX co-founder and chief investment officer of Maelstrom, published a detailed macro framework on February 17 arguing that AI-driven white-collar job losses will ignite an AI credit crisis severe enough to force the Federal Reserve into large-scale money printing, and that Bitcoin, as the asset most directly wired to global fiat liquidity, will be the primary beneficiary, ultimately reaching a new all-time high and potentially hitting BTC $1 million.
The argument is not a simple bull take: Hayes frames two distinct scenarios and explicitly warns traders to keep leverage limited until the Fed shows its hand.
The analytical core of the Substack post, titled This Is Fine, is a quantitative model estimating the credit damage that a 20% reduction in US knowledge workers would inflict on commercial bank balance sheets.
Hayes uses Bureau of Labor Statistics data, putting the current knowledge worker population at 72.1 million out of a total working population of 164.5 million.
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