"The Fed Can't Print Moore's Law" - How the AI Crash Sends Bitcoin to $1M | Arthur Hayes

**Arthur Hayes** (0:00)
You can't change the fact that a chip gets better every two years if you pump $10 trillion into the economy. So what's the first response going to be by the financial authorities to try to save the banks? Oh, we just need to shovel fiat money in. And at that point, investors are going to say, I do not want to put any new capital, whether it's free or not, into AI because it does not meet its cost of capital. So therefore, this capital goes straight to crypto.
And this is the implosion of the AI bubble and the follow on money printing that's going to happen, especially in the United States, to try to stick shave the system from this gross capital misallocation that's happened over the last, let's call it, six to seven years. By that point, it's going to dwarf subprime and is going to take us to Bitcoin a million or whatever.

**SPEAKER_2** (0:53)
Bankless Station, I'm here with Arthur Hayes. Arthur, welcome back to the podcast.

**Arthur Hayes** (0:56)
Thanks for having me.

**SPEAKER_2** (0:58)
Arthur, I originally asked you to come on back in May because I saw you were getting bullish on some of the tokens, but I was also bullish on hype near Zcash. So I was like, sick, let's get Arthur on the show. We can be bullish together, we can talk about tokens. It's going to be great. And then you sold them.
So now I don't have any tokens to talk to you about, about why you're bullish because you sold them all. What happened?

**Arthur Hayes** (1:18)
So I'm always analyzing my thinking, especially on this AI narrative. And I felt that the risks outweighed the benefits of being long, especially in these things, and time to take some profit. There wasn't the same asymmetry there in terms of the awareness of the potential of things like mirror and hype. On the Zcash front, a bit of a different issue.
The way I view things, if I think that there is a risk of like, pretty much a complete wipeout in my capital due to some technical issue, I can't in good conscious keep my capital in that particular situation. Obviously, the Zcash team is fixing this issue. Adding formal verification. Now, when the new Shield of Pool launches, hopefully this thing will be fixed and I can evaluate then and see if I want to come back in. And I might come back in at higher prices, but again, I've been doing this for a very long time and I still have most of my money. So I'm more concerned about capital preservation than appreciation.

**SPEAKER_2** (2:16)
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