TLDR:Hayes says AI absorbed most global credit from 2022 to mid-2026, limiting Bitcoin’s gains.Doubts over Nvidia accounting and AI profitability now signal the rally may be ending soon.Governments may print more money instead of admitting AI investment losses, Hayes argues.Bitcoin and gold could benefit as hedges against currency debasement from AI malinvestment.Arthur Hayes says wasted artificial intelligence spending could end up working in Bitcoin’s favor. Speaking with Bitcoin Magazine on September 9, 2026, the crypto trader and commentator argued that AI investment has entered a phase of capital wastage. Hayes said governments may respond by printing more money rather than admitting costly mistakes, a move that could push capital toward Bitcoin and gold.AI’s Dominance Over Capital FlowsArthur Hayes described AI as the “fastest horse” in global markets between 2022 and mid-2026. Tech companies promised major breakthroughs during that stretch, and investors responded by pouring money into AI-related stocks. This demand, he said, “sucked up the marginal amount of credit issued globally.”Because AI attracted so much capital, Bitcoin’s price gains stayed modest by historical standards. Its most recent all-time high reached only about twice the previous peak. Hayes called this an “unsexy bull pump” compared with earlier Bitcoin cycles.He attributed the slower pace to AI being the newer, more attractive story for investors chasing quick returns. Bitcoin Magazine shared these comments, framing AI as the dominant force behind recent capital allocation decisions.Hayes noted that Bitcoin still climbed during this period, just not at the scale seen in past cycles. Investors largely favored AI-linked equities over digital assets through much of 2022 to 2026, he said.Wasted Spending and the Path Toward BitcoinSentiment around AI investment has started shifting, according to Arthur Hayes. Questions are now surfacing about whether AI spending is generating meaningful returns. He pointed to accounting concerns involving Nvidia and profitability doubts facing companies like Anthropic and OpenAI.Competition from lower-cost Chinese AI alternatives has added further pressure on the sector. Hayes said this kind of scrutiny usually signals that a rally is nearing its end. Semiconductor and memory stocks have already come under pressure as doubts spread across markets.Hayes argued that governments, having publicly backed AI as an economic solution, will avoid admitting failure if the spending underperforms. He said the likely response instead will be to “print more to make you forget about it.”As governments attempt to “underwrite this massive malinvestment” in AI, assets outside traditional bank balance sheets, including Bitcoin and gold, could benefit most, Hayes said. He described both as hedges against currency debasement caused by expanded government spending. WuBlockchain, which reported on the interview, noted that Hayes has a mixed forecasting record and frequently updates his views. Readers were advised to weigh his reasoning rather than treat any timeline or price target as financial advice, since his broader argument centers on how capital shifts once investor confidence in a dominant narrative like AI begins to fade.The post Arthur Hayes Links AI Spending Doubts to Bitcoin’s Upside Potential appeared first on Blockonomi.