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bitcoin newsOct 17, 2026AI summary

Arthur Hayes Criticizes AI Spending, Links Boom to Bitcoin Gains

Edited by Steinar Vigdel Kolnes, Editor, Oslo

BitMEX co-founder Arthur Hayes criticized AI industry spending and argued that a growing boom supported by government backing could lift bitcoin.

Arthur Hayes Criticizes AI Spending, Links Boom to Bitcoin Gains

BitMEX co-founder Arthur Hayes questioned the value of leading artificial intelligence companies during an appearance on the Convergence podcast with Luke Martin, according to Bitcoin.com News.

Hayes described OpenAI and Anthropic as worthless and argued that the AI boom is consuming large amounts of cash while relying on a government backstop. These were his assessments, rather than established findings.

He also linked the expansion of the AI boom to a bullish outlook for bitcoin, arguing that a larger boom would push the cryptocurrency higher. The supplied report excerpt did not detail the mechanism behind that prediction.

Source: Bitcoin.com News

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