According to Arthur Hayes, former banker and co-founder of BitMex, Bitcoin has a very high chance of becoming the ultimate currency for artificial intelligence.
There is no doubt that the growth and adoption of Bitcoin (BTC) in the past few years has been an excruciating pain for bankers who are losing customers on a daily basis. Large investment fund managers led by BlackRock (NYSE: BLK) launched a new phase of mainstream cryptocurrency adoption after its CEO Larry Fink referred to bitcoin as digital gold. The bitcoin market is valued at around half a trillion, and has gone on to revolutionize global financial markets with over 420 million people around the world already using cryptocurrencies.
However, there is a new technology sector that has challenged the cryptocurrency market in the recent past called Artificial Intelligence (AI). The AI hype has seen all the related companies get huge amounts of money from investors, to the point where some experts think they may only use a small part.
For example, Nvidia Corporation (NASDAQ:NVDA) has seen the stock market rise nearly 200% year-to-date to trade around $429 on Friday with a market capitalization of around $1.05 trillion in the wake of the artificial intelligence buzz of the last few months. past. However, the company has a limit on the semiconductors it can offer, more so after China recently placed export restrictions on gallium and other metals used to make chips.
Hayes Spots Bitcoin’s Position in AI Mania
According to Arthur Hayes, former banker and co-founder of BitMex, Bitcoin has a very high chance of becoming the ultimate currency for artificial intelligence. According to crypto enthusiasts, if Bitcoin is adopted as an AI currency, the underlying price could go straight to the moon. Moreover, the ongoing global inflation as the government prints money to pay off debts and people flee from fiat money to digital assets will create a huge supply and demand imbalance.
“If Bitcoin is seen as potentially — or even initiated — by AI systems, we could see two separate obsessions coalesce into one massive obsession: the obsession with wanting to escape inflation within the monetary financial system, and the obsession with wanting to own a piece of the stage.” It is likely that the overlap of these two obsessions will cause investors to massively overpay for growth, driving the value of the Bitcoin network to absurd levels,” Hayes male.
After calculating the mathematical implications of an AI economy adopting bitcoin, Hayes believes that the major currency will rise exponentially between 2025 and 2026. In this regard, Hayes concludes that Bitcoin has a high chance of trading above $760,000 during the next big breakout.
Meanwhile, crypto enthusiasts believe that now is the best time to enter the Bitcoin market to make maximum profit during the hype between AI and blockchain.
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