In a June 26, 2026 interview with Bonnie Blockchain, Hayes argued Bitcoin has not rallied because AI capital expenditures are absorbing marginal liquidity that might otherwise reach crypto markets.
Arthur Hayes said on June 26, 2026 that Bitcoin has not moved higher even as money printing continues because AI capital expenditures are soaking up the market’s marginal liquidity. Speaking in an interview with Bonnie Blockchain, he argued that spending tied to the artificial intelligence buildout is competing with crypto for capital that might otherwise help drive a Bitcoin rally.