Arthur Hayes Warns AI Boom Could End in Massive Government Bailout

Jennifer Sanasie and Eleanor Terrett sit down with BitMEX co-founder and Maelstrom CIO Arthur Hayes, now also CEO of Flop Labs, at Korea Blockchain Week. Hayes lays out a contrarian thesis: AI agents won't transact in stablecoins, because a stablecoin's value is decided "by a bunch of dudes" at the Fed, not by compute. He also argues AI is a story of capital misallocation headed for a government bailout, explains why Korean retail is poised to rotate back into crypto, and hands over an outrageous call: $10,000 ETH by year-end. - Chapters/Timecodes: 00:00 Arthur Hayes on Why He Loves Korea 00:52 Flop Labs: A Currency Convertible Into Compute 01:46 Proof of Useful Inference, Explained 03:06 Why Agents Won't Use Stablecoins 04:25 No Presale, No VCs: The Airdrop Plan 05:17 Korean Retail Is Ready to Rotate Into Crypto 06:38 AI as Capital Misallocation — and a Coming Bailout 07:38 The Assets Hayes Owns Right Now 08:28 Pioneering the Perp — and a $10,000 ETH Call - #digitalfinance #finance #bitcoin Subscribe to CoinDesk on YouTube: https://www.youtube.com/user/CoinDesk?sub_confirmation=1 CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Twitter: https://www.twitter.com/coindesk LinkedIn: https://www.linkedin.com/company/coindesk Instagram: https://www.instagram.com/coindesk Facebook: https://www.facebook.com/CoinDesk Newsletters: https://www.coindesk.com/newsletters CoinDesk Podcast Network: https://open.spotify.com/show/2jyIhkvAQhed8AWDZiPpSP Public Keys: https://open.spotify.com/show/1rqYzRV10nfKfoTpFXZhTE Markets Daily Crypto Roundup: https://open.spotify.com/show/7sDXM8BlxsUqzL2IqmLqwE The Policy Protocol: https://open.spotify.com/show/3Fh8ffulAWcCqMu0uVuwoj