Hayes argues that rapid AI adoption is about to gut white-collar employment, trigger a credit crisis, and force the Federal Reserve into the kind of money-printing that historically sends Bitcoin sharply higher. Hayes draws a parallel between the mortgage crisis and what AI could do to white-collar employment, but he thinks the AI version moves faster. What he’s confident about is the sequence: AI disruption hits credit, credit hits banks, banks hit the Fed, the Fed hits print, and Bitcoin catches the liquidity wave. Frequently Asked Questions What is Arthur Hayes’s Bitcoin price target and why? Hayes sees Bitcoin potentially reaching $1 million, driven by Federal Reserve money-printing triggered by an AI-induced credit crisis that he estimates could produce $557 billion in consumer and mortgage losses.