AI infrastructure investment is a waste…Bitcoin will reach $1 million in 10 years

"AI infrastructure investment is a waste…Bitcoin will reach $1 million in 10 years"

Interview with Arthur Hayes, Chief Investment Officer (CIO) of Maelstrom

Tom Lee, Chairman of the Bitmain Board, also says "bull market imminent"

Arthur Hayes, Chief Investment Officer (CIO) of Maelstrom, a well-known virtual asset investor, reiterated his bullish stance on Bitcoin, stating that investing in artificial intelligence (AI) is a waste.

Hayes CIO attended 'Korea Blockchain Week' (KBW) held at a hotel in Gwangjin-gu, Seoul on the 30th, and told reporters, "The US-led expansion of AI infrastructure is the most serious inefficient distribution of capital since the development of railroads in the 19th century."

He added, "The computing infrastructure built by establishing AI data centers does not generate as much profit as expected," and "If this continues, an economic depression comparable to the 2008 financial crisis could come, and ultimately, the price of Bitcoin will rise."

He, who has been predicting for several years that Bitcoin could rise to $1 million (approximately 1.35 billion KRW) in the future, said, "$1 million is an inspiring number I want to aim for."

Hayes CIO is the co-founder of virtual asset exchange BitMEX, the CIO of virtual asset investment firm Maelstrom, and the CEO of blockchain project FlopLabs.

When asked if he was interested in Korean companies, he replied, "I am not directly active in Korea," but added, "I am keenly observing the active virtual asset-related activities happening here."

Hayes CIO cited the combination of AI and virtual assets as a promising area in the future virtual asset ecosystem, and also argued that decentralized currencies like Flop would play a major role in an era where AI agents make payments.

He observed, "Dollar-based stablecoins can be influenced by the US government when making decisions," and "Virtual asset networks like Flop, which are not influenced by people or governments, will gain attention."

Meanwhile, Tom Lee, Chairman of the Bitmain Board and a famous Ethereum investor, also took the stage at KBW today to predict a rise in virtual asset prices.

Chairman Tom Lee said, "Bitcoin's price recently rose above its 200-day moving average," adding, "In the past 12 years, this has happened 9 times, and 8 of those times led to a bull market."

He continued, "Fund inflows into Bitcoin products have turned positive (+) this month," and "Institutional clients will heavily buy virtual assets in the fourth quarter of this year."

He added, "Many investors have decided to abandon virtual assets and become AI investors, but I believe the upcoming virtual asset bull cycle will be the biggest ever."