According to CoinMeta, BitMEX, co-founder of BitMEX and Maelstrom, Chief Investment Officer of Maelstrom, stated in a Bankless podcast on June 22, 2026, that approximately $1.5 trillion in AI-related debt has almost entirely absorbed the expansion of the US M2 money supply since the end of 2022, leading to a tightening of Bitcoin liquidity and potentially triggering a credit crisis that could surpass the 2008 subprime mortgage crisis. He expects Bitcoin's ultimate price target to reach $1 million. Hayes pointed out that capital should have been directed towards Bitcoin but was instead channeled into data center construction and GPU clusters, resulting in a structural imbalance in capital allocation. He also mentioned that AI capital expenditures could be greater than those during the 19th-century railway construction era and account for a similar proportion in the global GDP. Hayes emphasized that once the AI credit cycle turns, central banks and fiscal authorities will inject liquidity to stabilize the banking system, and ultimately this funds will flow into the crypto market, particularly Bitcoin.