Morning Edition · Wednesday, August 5, 2026Published at 1:31 AM EDT · New York

Arthur Hayes Argues an Artificial-Intelligence Credit Bust Would Force the Easing Bitcoin Needs

The investor Michael Burry warned of a possible 1987-style equity decline on the same day, while the United States Treasury drains about $77 billion from bank reserves and bitcoin holds near $64,000.

Arthur Hayes, co-founder of the derivatives exchange BitMEX and one of the more quoted macro voices in crypto, argues that the capital-expenditure boom in artificial-intelligence data centers is a credit bubble comparable to 2008, and that…