Historical Patterns of Technological Rollouts

According to Hayes, the AI boom is expected to follow a similar pattern to previous technological rollouts, with overbuilding, a crash, and a bailout. Hayes cites historical trends, stating that every major technological rollout has followed this pattern. The former BitMEX CEO warns investors to position for bailouts, as they have historically provided lucrative opportunities for investors. ## Economic Impact of the AI Boom

Estimates for the US buildout of AI data centers range from $2.8 trillion by 2030 to $10.3 trillion by 2032. Developers have already raised at least $1.3 trillion in debt, according to credit platform Atrium. Hayes describes the spending as "wasting multi-trillion dollars". ## Role of Bitcoin in the Bailout

Hayes predicts that Bitcoin and other crypto will absorb excess liquidity that follows the crash. He cites the aftermath of the 2008 financial crisis as evidence that investors who position for bailouts benefit. Hayes also mentions that Bitcoin has already been impacted by the AI boom, with several former miners shifting to AI computing. ## Market Impact on Bitcoin Mining

The AI boom has already impacted the Bitcoin mining industry, with some miners shifting to AI computing. BTIG analyst Greg Lewis notes that almost any company with ready access to power seems able to win contracts. This pivot has proven beneficial for the stocks, with share-price gains at Cipher Digital and TeraWulf over the past year. Riot Platforms, for instance, signed a $9.1 billion, 20-year lease with Anthropic in August for 191 megawatts in Texas. Riot also sold Bitcoin to fund the shift. Its holdings fell from 15,680 BTC to 11,380 BTC in the second quarter.