AI infrastructure spending may keep long-term borrowing costs elevated for Bitcoin investors even after the Federal Reserve stops raising policy rates. According to NS3.AI, Fed meeting minutes showed market participants citing AI-related private debt issuance as one factor behind higher Treasury yields and term premiums.

The Bank for International Settlements estimates the five largest technology companies will spend more than $1 trillion on AI-related capital expenditure across 2025 and 2026. Arthur Hayes expects an eventual AI infrastructure downturn to prompt liquidity support that would favor crypto assets, although that outcome remains speculative because rising AI demand, productivity and profits could justify the spending.