How can Bitcoin reach $1M? BitMEX co-founder Arthur Hayes has the answer, in his blog. Arthur Hayes says AI capex isn't tech, it's real estate on borrowed money. When growth decelerates (starting 2027), the credit (not earnings) will crack, and governments will print to bail out the banks and AI darlings. That flood of liquidity is what sends Bitcoin to $1M+, per his blog. He's also eyeing ETH at $5K by year end.