Arthur Hayes：AI 就是新次貸風暴，市場敘事從通縮轉戰爭通膨，比特幣年底衝 12.5 萬美元

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BitMEX co-founder and Maelstrom CIO Arthur Hayes declared at the Bitcoin 2026 conference that "AI is the new subprime," arguing that the mainstream narrative for Bitcoin has shifted from "AI deflation and bank credit contraction" to "wartime inflation and government-forced money printing," while reiterating his year-end price target of $125,000. Hayes highlighted the bull market engines for 2026: ESLR regulatory reform releasing approximately $1.3 trillion in lending capacity, the Department of War serving as the ultimate source of demand, and a 3x bank multiplier creating nearly $4 trillion in credit, which is sufficient to offset the credit contraction gap caused by AI displacing knowledge workers; his USD liquidity indicator bottomed out last November, turning in sync with Bitcoin. (Previous coverage: Arthur Hayes: Bitcoin to hit $250,000 by end of 2025! Dogecoin to $1) (Background: Arthur Hayes: "Now" might be the last chance to buy Bitcoin under $100,000) $25,000 and a narrative flip—Arthur Hayes spoke directly at the Bitcoin 2026 conference in Las Vegas: Bitcoin's mainstream narrative has shifted from "AI deflation and bank credit contraction" to "wartime inflation and government-forced money printing." The BitMEX co-founder and Maelstrom fund CIO reiterated his year-end target of $125,000 and added his signature mantra: "Long-term bullish anyway." Hayes opened by breaking down the decline over the past six months: Bitcoin hit a historical high of $126,000 last October and has since fallen about 50% by the time of this conference, while the Nasdaq has remained almost flat—the primary driver of the decline was not big tech, but SaaS. He pointed out the logic: "A SaaS company used to charge $10,000 per seat, now AI can do the same thing for $10 a month." These stocks were slaughtered, reflecting that the market sensed a credit contraction at the banking system level: high-paid knowledge workers facing unemployment, SaaS companies unable to repay loans, and AI replacing this entire high-income group. Hayes gave this phenomenon a lethal label: "AI is the new subprime." But after the outbreak of the US-Iran war at the end of February, the curve flipped. Hayes stated bluntly: "Since the war started, Bitcoin has outperformed the Nasdaq and SaaS stocks. Bitcoin is now focused on 'wartime inflation'." Hayes set the tone for his entire argument with a blunt, unvarnished opening: "I have to list a few assumptions before I present this deck. First, I hope we don't die in a nuclear war—if we do, there's nothing to invest in, so it doesn't matter. Second, assume the market treats this war as a short-term event. Then we can talk about money printing and what that means for Bitcoin." Regarding the impact of AI on the banking system, he dropped the most provocative quote of the event: "I personally want to fire all human accountants and lawyers—I spend too much money on these people. I can't wait for Claude to take over. This is the 'AI is the new subprime' logic: once high-paid knowledge workers fall, tens of billions or even hundreds of billions of dollars in bank loans will run into trouble." On the narrative flip, he concluded: "Ever since the US clearly admitted it has entered a wartime state, that defense spending is insufficient, and that it must print more money to build bombs, the market has begun to reprice Bitcoin. My year-end target is about $125,000—long-term bullish anyway." Since January, the market has been panicking around Fed chair candidate Kevin Warsh, convinced that his appointment would lead to a massive cut in the Fed's balance sheet and a withdrawal of USD liquidity. Hayes directly refuted this interpretation. He pointed out Warsh's real operational path: The Fed will not sell bonds directly—that would immediately crash the market—but will instead conduct "swaps" with commercial banks. It will take away the approximately $3 trillion in reserves held by banks and replace them with treasuries / repos. The supporting measure is the relaxation of bank leverage regulations, specifically the ESLR (Enhanced Supplementary Leverage Ratio) effective April 1. Hayes' conclusion was incisive: "The net effect on liquidity is neutral—nothing is bought, nothing is sold, it's purely a regulatory story. Warsh can get on stage and say he shrunk the Fed's balance sheet, but for investors, the only thing that matters is the net effect, and the net effect is zero." In other words, there is an invisible

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來源：動區 BlockTempo

發佈：2026-04-28 03:07:56

分類：zh_news · 導出分類 zh

標的：BTC

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