Arthur Hayes on Tuesday laid out the case why Bitcoin (CRYPTO: BTC) cannot rally until the AI bubble pops, arguing that the latter absorbed liquidity that could have gone to cryptocurrencies. 

AI Borrowed Every Dollar That Was Created Since 2022

Hayes laid out the core math in his essay, saying that US M2 rose by $1.5 trillion between November 2022 and today.

Over the same period, AI companies issued roughly $1.5 trillion in debt to fund data center construction. 

The numbers match almost exactly, meaning AI absorbed every dollar of new liquidity before it could find its way into Bitcoin.

“Bitcoin never had a chance,” Hayes wrote. “The only reason Bitcoin rallied strongly off the November 2022 low is that the AI debt binge really kicked into gear starting in 2025.” 

Bitcoin peaked in October 2025 precisely …

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