In a recent blog post, Arthur Hayes, the founder and former CEO of BitMEX, presented a theory that Bitcoin (BTC) could become the currency of exchange for artificial intelligence (AI). According to him, Bitcoin would meet the intrinsic needs of AI, in opposition to the current banking system, both technologically and financially. And that could well drive Bitcoin to $760,000, he says.
Bitcoin as a currency for artificial intelligence?
Through a blog post, Arthur Hayes, the founder and former CEO of the BitMEX cryptocurrency exchangepresented a theory that Bitcoin (BTC) should logically present itself as the currency of exchange for artificial intelligence (AI).
According to him, Bitcoin would be the currency best able to meet the needs of the intrinsic structure of AI, which he places in direct opposition to the “balkanized” banking system as we know it today:
“What kind of payment system does PoetAI need?” It must use a system available at all times, digital and fully automated. A system that is only available when humans are awake or want to work will not do. Clearly, the analog banking system – which is only open Monday through Friday and is balkanized between geographies and the banks themselves – is not suitable. »
In addition, blockchain technology would be able to meet the needs of AI because the latter would need an immutable and transparent systemaccording to the former CEO of BitMEX:
“AIs will need a digital payment system with clear and transparent rules that apply regardless of who makes the transaction or what is paid on the network. […] A proper payment system can only be powered by a public or private blockchain. The rules of a blockchain are written in a clear and transparent code. This is why this type of digital payment system, and only this one, can be used by AIs. »
The author adds that concerning this last point, Bitcoin would be the most appropriate blockchain since it does not belong to anyone and because its operation is immutable, but also because unlike Ethereum (ETH) for example, its purpose is exclusively to present itself as an exchange asset.
👉 Discover our guide to buying Bitcoin
Buy crypto on eToro
Bitcoin at $760,000 in the next few years
According to Arthur Hayes, Bitcoin should present itself as a choice alternative to the traditional financial system which, according to him, should see the appearance of “ an orgy of money printing in the near future, as part of an attempt to inflate the huge amount of non-performing sovereign debt “.
This, coupled with a Bitcoin-driven AI economy, could lead to massive adoption according to the former CEO of BitMEX, who predicts that by 2026, the economy relating to the AI sector could weigh up to 50% of global GDP.
According to his calculations and if Bitcoin presented itself as a currency in this regard, the king of cryptocurrencies could reach $760,000 per unittaking advantage of a certain “hype”:
“If Bitcoin is considered likely to be – or even begin to be – used by AI, then we could see 2 separate interests combine into one mega-interest: that of wanting to escape inflation within the fiduciary financial system and that of wanting to own a share of the next phase of human and computer evolution. »
He adds :
“The overlap of these 2 strong interests would likely cause investors to overpay for growth, driving the value of the Bitcoin network to insane levels. »
👉 Find our Top 5 cryptocurrencies in the field of artificial intelligence
Trade stocks or cryptos
The broker who remunerates uninvested funds 💰
Source: blog post
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.