Arthur Hayes fears that a large-scale release of shares in SpaceX, Anthropic and OpenAI after their initial public offerings could create selling pressure on their stock prices. For Anthropic, he estimates a potential 83% dilution by June 2027, while specifying that this is his own calculation rather than an official forecast. A sustained decline in AI-related securities could reduce lending to the sector’s infrastructure and subsequently weaken the liquidity available to Bitcoin. Maelstrom, Hayes’s firm, is therefore staying on the sidelines, even though he anticipates that a crisis in AI financing could prompt central banks and governments to support cryptocurrencies.
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