Hayes: OpenAI, Anthropic Have No Value; Bigger AI Bubble Means Higher Bitcoin

Hayes's framing is a liquidity argument rather than a valuation one: the claim is not that bitcoin is cheap but that AI capex financed by debt and equity, plus implicit state backing, keeps the system dependent on easy money — and that a bailout would be the payoff. The chip-sector losing streak and the Nasdaq drawdown suggest the market is already testing that thesis. What matters is whether credit markets start pricing AI-related risk differently, and whether bitcoin keeps trading as a hedge against that stress or simply as a high-beta risk asset.