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…
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Artificial-Intelligence Capital Spending Becomes a Crypto Liquidity Variable
Debt-financed artificial-intelligence infrastructure is becoming large enough that its credit cycle, and the policy response to any stress in it, increasingly sets the dollar liquidity conditions that drive crypto prices.
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