Arthur Hayes says BTC could top $1M if AI bubble bursts around 2028

BitMEX founder Arthur Hayes said Bitcoin could surge past $1 million if an AI bubble bursts around 2028. Hayes argued the core of the AI bubble is a real estate and credit bubble, saying AI data center construction is effectively a real estate development business. He said the AI bubble expected between 2026 and 2028 could resemble a 2008-style credit collapse, with financial institutions coming under pressure as loans tied to data centers and power grids turn sour. Hayes added Bitcoin has fallen as liquidity flowed into the AI sector, but said BTC is now building a bottom in the $60,000-$70,000 range and, even under extreme downside risk, would likely fall only toward $50,000. He also said the U.S. government would print more dollars than it did during the 2008 financial crisis to rescue AI companies and banks if the bubble starts to collapse, arguing Bitcoin would act as the capital market’s fire alarm by signaling currency debasement and capital misallocation before surging above $1 million.