Arthur Hayes Calls AI Companies Worthless, Links Bitcoin Rise to Government Bailouts
Bitmex co-founder Arthur Hayes said OpenAI, Anthropic, and SpaceX are worthless and backed by a US government backstop that will lead to bailouts driving Bitcoin higher.
Why it matters
The commentary reflects a narrative among some crypto proponents that monetary expansion driven by tech-sector bailouts could benefit Bitcoin, though the view is speculative and sourced from a single interview.
Key facts
Arthur Hayes called AI model companies worthless during an appearance on the Convergence podcast on October 16.
Reported by Bitcoin.com News
Hayes said OpenAI, Anthropic, and SpaceX do not make money and are backed by the US government.
Reported by Bitcoin.com News
Hayes argued that a growing AI bubble will lead to a larger government bailout, which will push Bitcoin higher.
Reported by Bitcoin.com News
The Nasdaq 100 fell 2.5% on October 16 as chip stocks posted their longest losing streak since 2008.
2.5 %Reported by Bitcoin.com News
Bitcoin traded near $81,400 on October 17.
81,400 USDReported by Bitcoin.com News
What happened
Bitcoin.com News reported that Bitmex co-founder Arthur Hayes appeared on the Convergence podcast with Luke Martin on October 16 and declared AI model companies "worthless." Hayes argued that firms including OpenAI, Anthropic, and SpaceX raise debt and equity without making money, sustained by an implicit US government backstop. He contended that as the AI bubble grows, the eventual bailout will be larger, pushing Bitcoin higher. Bitcoin traded near $81,400 on October 17, the day the article was published. The Nasdaq 100 fell 2.5% on October 16 as chip stocks recorded their longest losing streak since 2008. Only one outlet covers this story; all claims are attributed to that source.
How the story developed
- Update
Arthur Hayes appears on Convergence podcast
Hayes calls AI companies worthless and links Bitcoin to government bailouts
- Update
Nasdaq 100 drops 2.5% amid chip-stock selloff
Chip stocks record longest losing streak since 2008
- First report
First report by Bitcoin.com News
Arthur Hayes Says OpenAI and Anthropic Are Worthless and Bitcoin Wins
- Update
Bitcoin.com News publishes article summarizing Hayes remarks
Bitcoin noted near $81,400
Affected entities
Also mentioned: Bitwise, Larry Fink
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Arthur Hayes Says OpenAI and Anthropic Are Worthless and Bitcoin Wins | Original |
Related events
Strive Purchases 3,311 Bitcoin for $280 Million, Holdings Reach 32,773 BTC Before Warrant Expiry
Strive bought 3,311 BTC between October 5-9 at ~$84,500 average, raising holdings to 32,773 BTC while investors exercised $208M in warrants ahead of an October 13 deadline.
Strategy resumes Bitcoin buying with 950 BTC and $174 million of STRC repurchases
Strategy bought 950 BTC for $75.7 million after a two-week pause and repurchased $174 million of STRC, bringing its reported Bitcoin holding to 846,000 BTC.
Strategy Adds 267 Bitcoin to Treasury While Expanding Buyback Program to $3 Billion
Strategy purchased 267 BTC for $22.1 million and repurchased $193.1 million of STRC preferred stock, raising its buyback authorization to $3 billion.
Strive Increases Bitcoin Holdings to 36,818 BTC After $335 Million Purchase Funded by Warrant Exercises
Strive bought 4,045 BTC for $335 million in five days, raising total holdings to 36,818 BTC, funded by $369 million in warrant exercises and an upcoming $630 million preferred stock offering.
Strategy Skips Weekly Bitcoin Purchase to Repurchase STRC Preferred Shares, Doubles Buyback Program
Strategy paused its weekly Bitcoin purchases to repurchase STRC preferred shares and doubled its Digital Credit Securities Repurchase Program to $2 billion.
Strategy Acquires 250 Bitcoin for $21.5 Million and Repurchases $192.4 Million in STRC Preferred Stock
Strategy bought 250 BTC for $21.5 million and repurchased $192.4 million of its STRC preferred stock in the week of October 5-11, bringing total holdings to 848,250 BTC.