Arthur Hayes, co-founder of BitMEX, believes that the next bull market in cryptocurrencies will be unprecedented, driven by fiat liquidity and the AI boom. He predicts that the next bull market will start in 2024 and will push Bitcoin to $1 million by 2025. Hayes' analysis is based on a number of factors, including the Federal Reserve's QE program, which has injected trillions of dollars into the financial system, creating a massive pool of liquidity. This liquidity is likely to flow into cryptocurrencies as investors seek higher returns in the face of rising inflation and low-interest rates.