Arthur Hayes, co-founder of BitMEX, argues that the AI debt crisis could be bullish for Bitcoin. Slowing AI development may reduce demand for computing power, creating pressure on debt financing for data centers. AI companies already account for nearly 40% of new long-term investment-grade corporate debt, with the sector potentially supporting over $2 trillion in additional high-quality debt. Hayes outlines two possible government responses: the US becoming a buyer of last resort or intervening to prevent a broader financial crisis. In either scenario, he believes the resulting monetary expansion will benefit Bitcoin and selected cryptocurrencies.
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