Arthur Hayes: The AI bubble will burst and drag down the crypto market; Bitcoin faces short-term pressure but remains bullish in the long run. In a new article, Hayes pointed out that the US-Iran conflict driving up energy costs will squeeze AI companies' profits. Overvalued IPOs from SpaceX, Anthropic, and OpenAI will act as the trigger for the bubble to burst, and Trump might also adopt an anti-AI stance during the election year. His fund, Maelstrom, has fully exited positions in the four mentioned tokens, continues to hold BTC and ETH, and has established tactical short positions through derivatives. Hayes believes Bitcoin will face short-term pressure due to the AI bubble, but post-crisis liquidity injections will drive its price upward.