Updated on:12/06/2025 05:22 PM 
Arthur Hayes, the renowned co-founder and ex-CEO of BitMEX, has put forward a compelling hypothesis suggesting Bitcoin might emerge as the digital currency of choice for the rapidly evolving artificial intelligence landscape.
Within his latest publication entitled “Massa,” Hayes envisions a transformative future where artificial intelligence and automated systems handle mundane labor responsibilities, thereby liberating humanity to pursue creative endeavors and potentially catalyzing an unprecedented cultural renaissance.
Hayes acknowledges the profound concerns regarding artificial intelligence potentially surpassing human capabilities. As he insightfully observes:
He perceives recent breakthroughs in computational technology as harbingers of an imminent paradigm shift, with AI on the brink of widespread adoption and set to fundamentally reshape the trajectory of human civilization.
Illustrating the swift integration of AI into mainstream consciousness, Hayes highlights how ChatGPT amassed 100 million monthly active users within merely two months, earning the distinction of being the “most rapidly adopted technology in recorded human history.” This phenomenon, he posits, provides a preview of how quickly AI penetration into everyday existence can transform established societal norms and expectations.
When considering artificial intelligence's potential impact on the cryptocurrency sector, Hayes presents a balanced perspective characteristic of a seasoned entrepreneur. He acknowledges being simultaneously attracted and cautious about AI's growing influence, recognizing its significant implications for humanity's future economic value. At the same time, he expresses prudent skepticism about initial investments in emerging technologies, noting their tendency to be overvalued during nascent stages.
In preparation for what he anticipates as an impending ‘AI-driven frenzy,’ Hayes intends to leverage his extensive expertise in the digital currency ecosystem to identify synergies between blockchain technology and the accelerating developments in artificial intelligence. He plans to explore this intricate relationship through a trilogy of essays, beginning with “Massa,” which advances the thesis that Bitcoin will ultimately serve as the monetary foundation for artificial intelligence systems.
Hayes conceptualizes a scenario where sophisticated artificial intelligence entities—such as a system capable of composing original poetry—would require a secure, blockchain-enabled digital payment infrastructure, exemplified by Bitcoin, to facilitate value exchanges. This necessity stems from Bitcoin's unique capacity to maintain its energy-purchasing power across extended time horizons, making it uniquely suited for AI economic activities.
Arthur Hayes delves into the fundamental requirements of artificial intelligence and its essential “resource inputs” in a section titled “AI's gotta eat,” establishing an intriguing parallel between artificial intelligence systems and Bitcoin, proposing the latter as the ideal monetary medium for AI operations.
According to Hayes' analysis, artificial intelligence requires two critical components to function and flourish: vast datasets for learning processes and substantial computational resources.
These datasets necessitate storage infrastructure, which in turn requires computing hardware to consume electrical energy. Furthermore, artificial intelligence demands a powerful network of processing units to analyze and derive insights from this information, creating additional electrical power requirements. Hayes distills these essential inputs to semiconductors and electricity, pointing to NVIDIA's remarkable success as evidence of the critical importance its GPU chips play in advancing artificial intelligence capabilities.
Hayes further establishes a fascinating conceptual framework connecting artificial intelligence, Bitcoin, and electrical energy. He equates the economic viability of an AI system—and by extension, its very existence—with its ability to generate more value than it consumes in energy resources. In this respect, AI mirrors biological organisms, which must also produce sufficient value to sustain their metabolic needs. However, the ‘medium of exchange’ that an AI would accept for its output must maintain consistent purchasing power in terms of kilowatt-hours. Hayes asserts that Bitcoin represents the perfect solution as it fundamentally functions as energy money.
He conducts a comparative analysis of the origins and intrinsic values of gold, fiat currencies, and Bitcoin, evaluating each asset class based on scarcity characteristics, resistance to digital censorship, and energy purchasing power. Through this examination, Hayes concludes that Bitcoin emerges as the logical monetary choice for any artificial intelligence system, being purely digital, censorship-resistant, provably scarce, and intrinsically linked to electricity costs.
Hypothesizing about the implications of AI systems adopting Bitcoin, Hayes suggests such integration could potentially trigger substantial valuation increases if the cryptocurrency begins to see utilization by artificial intelligence entities. This might create a convergence of two distinct investment phenomena: the desire to hedge against inflation within traditional financial systems and the aspiration to participate in the next evolutionary phase of human and computer development. He anticipates this dual motivation could drive market participants to significantly overpay for growth prospects, potentially causing the Bitcoin network's value to expand exponentially.
While presenting these ideas as speculative rather than definitive predictions, Hayes emphasizes that the most substantial investment opportunities typically emerge during market transitions from “impossibility” to “plausibility.” This perspective suggests that the concept of artificial intelligence adopting Bitcoin—and the potential valuation surge that might follow—represents a future scenario worth strategic consideration.
Although Hayes acknowledges the inherent uncertainty in predicting precise trajectories for artificial intelligence or human civilization, his observations and hypotheses illuminate plausible future scenarios worth contemplating.
His exploration of the potential symbiosis between artificial intelligence and Bitcoin encourages deeper consideration of the synergies and evolutionary possibilities between these two transformative technologies.
The inaugural installment of Hayes' AI-focused essay series is accessible through his Substack publication.
