Bitwise CIO Matt Hougan noted in an October 14 memo that almost all macroeconomic paths would lead to higher Bitcoin prices, including an AI productivity boom making scarce assets more valuable. However, a working paper published two days earlier by the Bank for International Settlements (BIS) proposed a fourth path: AI automation boosts output, but if workers' incomes fail to grow in tandem, consumer demand will gradually shrink, ultimately leading to growth stagnation. The paper's model shows that in the calibrated scenario, the share of consumption in output falls from about 69% to 62.1%, and long-term sustainable growth declines from 2% before AI to about 1.6%.