Arthur Hayes on his HYPE position, AI bubble, and the new Fed Chair. On today&#x27;s Markets Outlook, BitMEX Co-Founder and Maelstrom CIO Arthur Hayes tells CoinDesk&#x27;s Jennifer Sanasie why all roads still lead to money printing, how long the AI bubble has left, and why he has zero regrets about publicly selling his HYPE position. Plus, his reaction to Michael Saylor&#x27;s Bitcoin stress test. - Timecodes: 00:00 - Arthur Hayes Joins Markets Outlook 01:30 - Arthur’s Reaction to Michael Saylor News and Strategy Business Model 02:59 - When Does the AI Bubble Burst? 03:56 - New Fed Chair Warsh&#x27;s Task Forces &amp; What It Really Means 06:58 - Uniswap &amp; Standard Chartered&#x27;s $100 Price Target 08:06 - Responding to the HYPE Selloff Drama 09:24 - HYPE vs. SOL: Which Wins? - For more commentary from Arthur Hayes: IG - https://www.instagram.com/cryptohayes/ LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/ Substack - https://cryptohayes.substack.com/ Web: https://www.cryptohayes.com X - https://x.com/cryptohayes - Maelstrom Fund: LinkedIn: https://www.linkedin.com/company/maelstromfund Web - https://www.maelstrom.fund X - https://x.com/maelstromfund - Check out CoinDesk&#x27;s latest episode of Public Keys from the NYSE: https://youtu.be/75LrBmSScvY - To get market moving news delivered daily, download CoinDesk’s mobile app: https://linktr.ee/coindeskapp. - This episode was hosted by Jennifer Sanasie.

Why Arthur Hayes Says Fed Chair Kevin Warsh Is a Dove Despite Hawkish Reputation | Markets Outlook

Markets Outlook

# Full Transcript

**Podcast:** Markets Outlook

## Transcript

Let's call it zero to two years, two or three years from now, I think the AI bubble will burst. Who knows when? Number one, I would never short anything AI, even if I believe that some of these things are completely fugazi, but that's just a recipe for disaster. But at the end of the day, if the music's playing, you got to dance.

Markets move fast. Crypto moves faster. From the floor of the New York Stock Exchange, CoinDesk's Public Keys tracks the money, markets, and moves shaping digital assets. Get the breaking news that moves markets right to your phone, track your favorite token instantly, and dive deep into the latest data. Download the CoinDesk app today. Jennifer Sanasie, welcome to Markets Outlook. Thanks for having me.

All right. This is going to be an easy breezy one. We're going into the long weekend over here in the US, and I wanted to get your take on three trending stories on social media. And I want to start here. Everyone is talking about Michael Saylor's strategy. They're talking about the business model. There's a CoinDesk clip that went viral today about Michael talking about when he was developing Stretch and using AI to help develop that offering.

Talk to me about how you're watching that story today. And what's your reaction when it comes to strategy's business model? So obviously, people have been very afraid of what happens when MicroStrategy has to sell Bitcoin to cover dividend payments or any sort of bond repayments. And so obviously, Saylor did this 32 Bitcoin test as he claimed to inoculate the market on strategy selling Bitcoin. That's only prompted more questions.

There's been other salacious hot takes of Saylor talking about some Jedi mind tricks about him not really saying that he never would sell Bitcoin and all those sorts of things. So I think people are very scared of what could happen on the downtrend. And obviously, overnight, there was a story I haven't really read too much into it. But obviously, the market's traded down. I've heard some other people that I follow talking about this.

And I think this is part of the broader trend where that AI is doing really, really well. And all available risk capital is going to AI trades and not going into crypto. And if you have MicroStrategy or fears that MicroStrategy might have to sell some Bitcoin for whatever reason, that could add as an additional negative catalyst for the markets.

And so I don't think that MicroStrategy is causing Bitcoin to fall. This is literally just liquidity going to everything AI and nothing else. But this is just another pain point for investors. Well, I know this is something you've been talking about, the AI bubble with capital rotating into the AI trade. When does it rotate back? I mean, what's your outlook for crypto? When does that bubble burst?

I don't know. I say let's call zero to two years, two or three years from now, I think the AI bubble will burst who kno...

Why Arthur Hayes Says Fed Chair Kevin Warsh Is a Dove Despite Hawkish Reputation | Markets Outlook

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Why Arthur Hayes Says Fed Chair Kevin Warsh Is a Dove Despite Hawkish Reputation | Markets Outlook

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.