Foreign media reports indicate that former BitMEX CEO Arthur Hayes recently offered his assessment of Bitcoin and AI funding flows. He believes that Bitcoin's recent lack of significant upward movement is not solely due to fundamental issues, but more importantly, because market funds have been continuously drawn away by the AI theme.

Funds are shifting towards AI

Hayes stated that AI has become one of the strongest investment narratives in global capital markets over the past few years. Significant funds have flowed into AI stocks, infrastructure construction, and data center projects, diverting liquidity that could have been allocated to crypto assets.

In his view, this is one of the reasons why Bitcoin has not yet shown a stronger upward trend despite increased institutional adoption and an improved long-term narrative. Ultimately, short-term price performance still depends on whether funds are willing to enter the market.

Hayes warns of bubble risks

Hayes also offered a more radical assessment of the AI investment boom. He believes that the market has poured massive amounts of capital into the AI field over the past six to seven years, and investors may reassess the actual returns of these projects in the future.

If some AI projects fail to generate returns commensurate with their investment, capital outflows could rapidly amplify. He even stated that if the AI bubble bursts, the impact could exceed that of the 2008 subprime mortgage crisis.

Liquidity may flow back into the crypto market

Hayes further argues that if AI triggers a financial shock, governments and central banks will likely still inject more liquidity to stabilize banks and markets. This is the trading logic behind what he calls "massive money printing."

Based on this assessment, if investors lose confidence in AI assets, new liquidity will need to find new destinations, and crypto assets may become one of the potential targets. Based on this premise, he believes Bitcoin has the potential to reach $1 million in the long term.