Former BitMEX CEO Arthur Hayes is betting that the artificial intelligence boom will eventually produce a familiar outcome: too much investment, a crash and, ultimately, a bailout that sends crypto higher.

Hayes, co-founder and chief investment officer of crypto investment firm Maelstrom, said in response to questions from CNBC at the Gamma Prime Investing Conference in Singapore that humanity is “wasting multi-trillion dollars” on building AI data centers.

The massive data center buildout would ultimately make computing power “extremely cheap and extremely plentiful,” Hayes said.

The bet runs against the massive investment pouring into AI infrastructure, as technology companies race to secure the computing power needed to develop and run…