Hayes says AI overinvestment bailout could make crypto top beneficiary

BitMEX co-founder Arthur Hayes said excessive investment in AI data centers will eventually lead to a market collapse and a bailout, with the resulting liquidity likely to lift cryptocurrency prices, CNBC reported. He said major new technologies have historically triggered overinvestment, followed by a crash and a bailout. Hayes added that Bitcoin and other cryptocurrencies can now absorb that excess liquidity, meaning crypto could deliver the strongest performance once a bailout begins. He also said companies driving computing demand, including SpaceX, OpenAI and Anthropic, are not making money, and infrastructure providers could begin demanding payment for contracted computing capacity around late 2027 to 2028, when a large wave of data centers now under construction is completed.