Bitcoin
Arthur Hayes Forecasts AI Data Center Bust and Eventual Crypto Liquidity Inflow
Former BitMEX chief executive Arthur Hayes expects massive AI infrastructure spending to end in a market crash and public bailouts that direct liquidity into Bitcoin.
Speaking to CNBC at the Gamma Prime Investing Conference in Singapore, former BitMEX CEO Arthur Hayes argued that the global artificial intelligence data center expansion is on track to overbuild and crash. Hayes contended that the multi-trillion-dollar buildout will ultimately require government intervention, mirroring previous technological boom-and-bust cycles, with Bitcoin and the broader crypto market positioned to absorb the ensuing liquidity.
The scale of capital entering AI infrastructure remains substantial. US buildout estimates cited by Forbes span from $2.8 trillion by 2030 to $10.3 trillion by 2032, with developers having secured at least $1.3 trillion in debt via credit platform Atrium. Hayes noted that major compute consumers such as OpenAI, Anthropic, and SpaceX are operating without profitability, while Columbia University economist Stijn van Nieuwerburgh calculated that generating a 10% return on the projected expenditure would require $3.7 trillion in yearly revenue by 2032.
Hayes anticipates the financial strain on compute buyers to surface around late 2027 or 2028. In the interim, crypto markets have faced their own headwinds, with a recent slide to roughly $83,800 triggering $403.58 million in liquidated long positions in one hour, leaving Bitcoin trading around $84,045—approximately 33% below its October 2025 record high of $126,080.
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