Arthur Hayes proposes a compute-backed currency (FLOP token) for AI agents to directly purchase GPU resources, with testnet launching soon and Hayes forecasting Bitcoin could reach $1M driven by AI infrastructure investment.
AI & Agents ·
Arthur Hayes, co-founder of BitMEX, has proposed a compute-backed currency called FLOP to serve AI agents' purchasing needs for GPU resources. According to analysis of his thesis, Hayes argues that autonomous agents consume floating-point operations rather than goods or services, making a token directly redeemable for computing power more efficient than traditional currencies or stablecoins. The Flop Network would allow GPU operators to earn FLOP tokens for providing inference capacity, with validators cryptographically verifying work completed and miners posting stakes subject to loss for false submissions.
The project's tokenomics plan for approximately 17.2 billion tokens by year 10, with no venture capital allocation or presale. A Genesis airdrop would distribute 3.5 billion tokens across miners, agents, validators, and reserves, and a testnet is expected to run for roughly 90 days with public source code. Hayes simultaneously maintains that AI investment has concentrated risk in data center debt and unprofitable hyperscaler equity rather than agentic technology itself.
Hayes forecasts that AI spending will decelerate next year before contracting, potentially triggering bailouts larger than the 2008 financial crisis and redirecting capital toward crypto markets. He has projected Bitcoin could reach $1 million as a result. Real-world adoption metrics remain nascent: agent payment protocol settlement volume on Coinbase declined 93% this year, though some analysts expect recovery in the fourth quarter.