“The implosion of the AI bubble… is going to dwarf subprime.” Arthur Hayes thinks the next crypto leg higher won’t come from AI winning. It comes from AI capital misallocation breaking the system, forcing another wave of money printing, and sending investors back to crypto. His target? “ bitcoin:native... a million ”show more

@CryptoHayes I have been following Arthur for a few years. Someone has gotta make a reverse Hayes indicator; it will beat the S&P 500 guaranteed!

@CryptoHayes That’s a large large large stretch. Crypto thrives off liquidity dude. Liquidity exits and crypto falls harder. Capital rotates towards gold, bonds, defensive stocks. The opposite of crypto. AI bubble pops, crypto goes next

@CryptoHayes Hayes is a phenomenal trader but his macro takes, while imaginative, are generally poor

@CryptoHayes I think you have to respect Hayes’s ability to make money whilst utterly disregarding everything he says, because he misleads until he’s pulled his own capital, then watches everyone else tank.

@CryptoHayes H100s depreciate in 18 months. Stargate is building a $1T factory for a $10T house. AI capex is the new subprime.

@CryptoHayes Systemic capital misallocation always forces the same endgame: aggressive central bank intervention. When overhyped tech sectors fracture macro stability, money printing restarts by default. Hard, sovereign assets like Bitcoin are engineered precisely to capture that macro flow.

@CryptoHayes Your trying to get trolled hyperliquid:native

@CryptoHayes delusional.

@CryptoHayes That's a very ugly long road to have to go down.

@CryptoHayes Markets rarely move because of the narrative alone. They move because liquidity changes. If AI excess ends with easier monetary policy, risk assets—including BTC—could be major beneficiaries.

@CryptoHayes Money printing -> need to invest money to outpace inflation -AI shrinking company size -> companies don’t need to go public -> stock market explodes -> dollar erupts -> need a new place to invest dollars -> BlueChip.