Arthur Hayes: US insurers are insolvent on AI-related debt
- —Hayes: excluding captive reinsurance, 29 of the top 30 US insurers are technically insolvent
- —Captive reinsurance totals $1.54 trillion against $657 billion in surplus
- —Three Vermont captive insurers hold just 3.7% of assets needed to cover promises
- —Hayes sees mass downgrades of AI data-center debt as the trigger
Why it matters: If AI data-center debt is repriced, governments may have to bail out insurers, expanding money supply — a scenario Hayes frames as bullish for bitcoin.
Source: BeInCrypto KR