Arthur Hayes Sees Bitcoin Reaching $1M by 2030

Arthur Hayes says he expects $BTC to reach $1M by 2030, arguing that a future AI-related debt crisis could ultimately trigger another major liquidity cycle.
The Maelstrom CIO sees late 2027 or early 2028 as a potential turning point when slowing AI infrastructure spending could expose heavily financed projects that struggle to repay debt.
His thesis is that losses could spread to lenders and eventually prompt governments and central banks to inject liquidity into financial markets, benefiting scarce assets such as Bitcoin.
Hayes compares the potential setup more closely with the 2008 financial crisis than the dot-com crash because he sees the primary vulnerability in debt financing behind the AI infrastructure boom.