Arthur Hayes, co-founder of BitMEX, has suggested that Bitcoin's recent price decline, despite the stability of the Nasdaq 100 index, may indicate an impending credit crunch in the US dollar economy. Hayes described Bitcoin as a "fiat currency liquidity fire alarm," reacting more swiftly than traditional market indicators like stocks. He warned that Bitcoin's sensitivity to financial system changes could foreshadow broader market issues not yet visible in stock performance. Hayes also highlighted potential economic impacts from AI on white-collar jobs, which could lead to increased loan defaults and tighter bank credit. This scenario might force the Federal Reserve to intervene to prevent a crisis, potentially enhancing Bitcoin's appeal as trust in traditional monetary systems erodes. Hayes outlined two scenarios: Bitcoin's decline from $126,000 to $60,000 may already reflect an economic slowdown, or further declines could precede stock market adjustments. In either case, he anticipates significant monetary injections to stabilize the system, potentially driving Bitcoin to new highs.