Many people who look at big economy and not only technology share your doubt in idea of Arthur Hayes. Hayes believes that Bitcoin fell 50 percent as it predicts banking problem due to AI taking high paying jobs, which will leave people without way to pay back their debts.
Although it is correct that much of U.S jobs have been lost to AI in recent times, most of people agree with you that link between jobs and Bitcoin is not direct, most of the time when economy is weak, government is forced to print more money, which usually helps to push Bitcoin upwards.
So, you are correct that we are now in bear market where most people are selling and few buying, and although AI may lead to problems in future, the current price is mostly moved by things such as rising prices and world trouble.
He made an interesting argument though, but this one has too many steps that we have to assume simultaneously, like, AI displaced job, those displaced workers are not defaulting on loans, than comes the banking crisis, and bitcoin drops by 50%.
Everything has to check with the previous with but with huge assumptions and if one is wrong, this whole idea of him is wrong, especially when he said the market dropped 50% because of this haha.
I am not saying AI is not causing economic disruption, but I think it is a change, it is making people do tasks of 5 easily. Even I sometimes do the task of 2 yeah just 2 because I am not too good with AIs.
