Arthur Hayes, co-founder of BitMEX, predicted that the artificial intelligence credit bubble could trigger a 2008-style crisis, with the resulting government liquidity response pushing Bitcoin to $1 million or higher. He compared the AI boom to a « credit story like 2008 and not an earnings story like 2000. » Big tech companies have committed roughly $1.09 trillion to data center leases, though financial strain varies significantly, with Oracle showing a debt-to-EBITDA ratio of 4.3 compared to below 1 for Alphabet, Amazon, Microsoft and Meta. Hayes also forecast Ether would reach $5,000 by year-end.
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