What happens if technology giants complete their new data centers, but the demand for computing power fails to cover the colossal costs? According to Arthur Hayes, co-founder of BitMEX and Chief Investment Officer at Maelstrom, this risk represents the next major catalyst for the cryptocurrency market.
The 2027-2028 Reckoning
Speaking to CNBC during an investment conference in Singapore, Hayes estimated that trillions of dollars are currently being poured into AI infrastructure. This rapid expansion could eventually make computing power abundant and significantly cheaper, thereby squeezing the returns for those who financed its growth. He places the turning point in late 2027 or during 2028, when facilities currently under construction are scheduled for completion.
If AI service revenues do not grow fast enough to match these investments, major computing power users such as OpenAI, Anthropic, and SpaceX could face financial strain. However, Hayes acknowledges the alternative: that AI might become so indispensable in the coming months that demand fully absorbs the new supply.
The Bitcoin Connection
Hayes bases his investment thesis on a recurring historical sequence: over-expansion, sharp correction, and subsequent intervention to support the system. He predicts that such an intervention would inject fresh liquidity into the markets, a portion of which would likely flow into Bitcoin and other digital assets.
Furthermore, he identifies a second potential link between AI and crypto: autonomous AI "agents" performing payments in cryptocurrency for the computing power they consume. While this remains in an early stage, it represents a distinct investment bet from the broader market bailout scenario.
