AI credit bubble could fuel Bitcoin ‘crack-up boom’ past $1M: Hayes
Arthur Hayes said the AI infrastructure boom is being financed like a credit bubble, not a pure tech growth story, and could trigger a 2008-style credit crisis if data center and power spending slows and weaker borrowers are exposed. He argued a government liquidity response to such a downturn could boost Bitcoin sharply, potentially to $1 million or more, though this scenario is speculative. Hayes expects BTC to trade mostly in the $60,000–$70,000 range, with possible downside to $50,000, before any crisis-driven rebound. He also forecast Ether at $5,000 by year-end and said Maelstrom plans to build an ETH position while selling out-of-the-money put options. Separately, major Big Tech firms have committed about $1.09 trillion in future data-center leases, highlighting the scale of AI-related spending. Oracle appears the most financially stretched among them, with long lease obligations seen as a key risk.
