Hayes Warns Bitcoin Signals Banking Crisis

Arthur Hayes, BitMEX co-founder, warns in a Tuesday Substack post that Bitcoin's decline since its October 2025 peak, diverging from a flat Nasdaq, signals an impending dollar credit crunch driven by AI-related job losses. He estimates $330 billion in consumer credit losses and $227 billion in mortgage losses if 20% of 72.1 million U.S. knowledge workers lose jobs; critics dispute the timeline.