Arthur Hayes blog post: When AI controls the earth, Bitcoin will become the preferred currency.

Arthur Hayes’ latest blog post explains why Bitcoin will become the currency of choice for artificial intelligence and states that if the concepts of AI and Bitcoin become mainstream, the frenzy of growth investments will peak between 2025 and 2026. This version is compiled and released by Wu Shuo Blockchain.

In terms of scarcity, the supply of gold on Earth is limited, but its supply outside of Earth is unknown. Fiat currency has unlimited supply, while Bitcoin is limited. When it comes to resisting digital censorship, gold cannot resist censorship and fiat currency in digital form cannot resist censorship due to government supervision, while Bitcoin is purely digital and can resist censorship. In terms of purchasing power for energy, gold can be created through various energy derivatives, while the value of fiat currency is mostly based on its government’s politics, and Bitcoin can only be created through computers consuming electricity. I believe that artificial intelligence will require a currency that can run on blockchain, and this currency can resist censorship. Only Bitcoin possesses these qualities.

My mental model is as follows: 1) In the near future, there will be a currency printing frenzy, which is an attempt to eliminate a portion of the huge non-productive sovereign debt through inflation. 2) These newly created currencies will hope to invest in something that is likely to bring new life to the global economy. In this decade, I believe that everything related to artificial intelligence and robots will happen. 3) If Bitcoin is considered to be usable by artificial intelligence, we can see the combination of two different frenzies into a super frenzy: one is to escape inflation within the legal financial system, and the other is to get a share in the next stage of human and computer evolution. The overlap of these two frenzies may drive investors to pay too high a price for growth, leading to the absurd rise of the value of the Bitcoin network. I believe that crazy growth-oriented investment will reach its peak between 2025 and 2026. Therefore, my prediction for the future price of Bitcoin is to form a narrative before this peak.


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