PANews reported on April 28th that BitMEX co-founder Arthur Hayes stated at the Bitcoin 2026 conference that he is more optimistic about the future of Bitcoin. AI will replace a large number of knowledge workers, potentially causing hundreds of billions of dollars in credit losses to the banking system, similar to a "new subprime crisis." However, the US has entered a state of war, with a new defense budget increasing by approximately 50% to $1.5 trillion. The government will not cut spending but will instead print large amounts of money. The enhanced supplementary leverage ratio rules, which took effect on April 1st, allow banks to hold fewer reserves and more Treasury bonds. S&P Global estimates this will release approximately $1.3 trillion in new lending capacity for the banking system, primarily for defense-related companies and AI infrastructure. The money multiplier effect of bank lending is approximately 3, ultimately creating approximately $4 trillion in credit. Federal Reserve Chair nominee Warsh will shrink the Fed's balance sheet but simultaneously relax bank regulations, allowing commercial banks to take over Treasury bonds and repurchase agreements. The net liquidity impact is neutral, but the main creator of money shifts from the central bank to commercial banks. The newly created credit will exceed the credit disrupted by AI, so Bitcoin will continue to rise, with a year-end target price of approximately $125,000.