Maelstrom co-founder Arthur Hayes stated in an interview that he believes investors may be underestimating the risks of the current conflict escalating or continuing. "I don't think the global markets have fully priced in the possibility of a long-term US-Iran war," he said. If energy flows are disrupted, a chain reaction could propagate through rising oil prices, inflation pressures, and increased market volatility, impacting the global economy. Meanwhile, Hayes noted that another powerful disruptive force—the crisis related to artificial intelligence—is quietly emerging. He believes AI could rapidly reshape the labor market by replacing a large number of knowledge workers, including lawyers, bankers, accountants, and analysts. If this transformation happens quickly, and households struggle to repay existing debts, it could lead to a widespread credit crisis. Ultimately, Hayes believes the global financial system's response to crises remains consistent—injecting liquidity. "Bitcoin is essentially just a liquidity smoke detector," he said.