Arthur Hayes, former BitMEX CEO and co-founder of crypto investment firm Maelstrom, told attendees at the Gamma Prime Investing Conference in Singapore that humanity is “wasting multi-trillion dollars” on AI data centers, predicting overbuilding will end in a crash followed by a bailout, with Bitcoin and crypto absorbing the resulting liquidity. Anthropic, one of the sector’s major players, reported $4.6 billion in 2025 revenue against net losses of nearly $42 billion, including a $34 billion noncash charge. Hayes expects compute payment demands to surface in late 2027 or 2028, while over $1 trillion in investment-grade debt is backed by compute demand, a risk that could push Bitcoin toward $1 million in the event of a bailout.
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