Arthur Hayes Says OpenAI, Anthropic Are ‘Worthless’; Bigger AI Bubble Could Send Bitcoin Higher

Arthur Hayes, the BitMEX co-founder, sharply criticized the business models of artificial intelligence companies including OpenAI and Anthropic, arguing that Bitcoin could rise further as the AI investment bubble grows.

Bitcoin.com reported on October 17 that Hayes made the remarks a day earlier on Luke Martin’s Convergence podcast, where he said “AI model companies are worthless.”

Hayes argued that AI firms are continuing to draw investment while burning through large amounts of capital, with implicit backing from the U.S. government. They are raising money through debt and equity issuance, he said, and that implicit government support is allowing them to keep wasting money.

He also claimed that Anthropic, OpenAI and SpaceX are all unprofitable and all receive support from the U.S. government.

Hayes said that if the AI investment bubble keeps expanding and then triggers a market shock, the government would likely step in with a bailout. “The bigger the AI bubble gets, the bigger the bailout will be, and the higher Bitcoin will go,” he said.

He also argued that Bitcoin is an asset that reflects excessive liquidity creation and inefficient capital allocation. “We are wasting money, and Bitcoin serves as a signal that we are wasting money,” he said.

Separately, Hayes criticized the recent token issuance market. Referring to cases in which newly issued tokens plunged immediately after launch, he said retail investors who bought at token generation events, or TGEs, are the ones who ultimately get hurt.