Arthur Hayes, CIO of Maelstrom and CEO of Flop Labs, told Coinage he sees artificial intelligence as a financial bubble larger than the 2008 subprime mortgage crisis. He argues OpenAI and Anthropic commit to buying computing power without proving they can generate enough revenue to support the AI infrastructure boom. Hayes predicts a reckoning by late 2027 or early 2028, potentially forcing government and central bank intervention that could fuel Bitcoin's next rally. He also discusses rising rates, a possible European sovereign debt crisis, Ethereum, AI agents abandoning stablecoins, and CME lagging Hyperliquid.

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