Arthur Hayes, former CEO of BitMEX, has issued a stark warning at the Bitcoin 2026 conference, suggesting that artificial intelligence could trigger a new subprime-style banking crisis. Hayes argues that AI is displacing high-earning knowledge workers, leading to a potential collapse in the SaaS economy, which could mirror the 2008 financial crisis. He predicts that the resulting defaults could amount to several hundred billion dollars, impacting bank balance sheets heavily exposed to SaaS receivables. Hayes also linked this potential crisis to Bitcoin's recent price struggles, suggesting that the deflationary pressures from AI-driven job losses could lead to a broader contraction of credit, affecting risk assets like Bitcoin. While Hayes remains a long-term Bitcoin bull, he warns that the near-term outlook could be challenging as markets adjust to these macroeconomic threats. The scenario he describes could see Bitcoin and other digital assets facing downward pressure alongside traditional tech stocks.