Crypto analyst Miles Deutscher recently touched on the subject of artificial intelligence in a tweet, sharing his predictions on how AI will continue to expand, especially in the crypto space. The analyst also highlighted an important metric where Dogecoin has surpassed the entire AI-focused crypto sector.
DOGE Leaves All AI-Focused Cryptocurrencies Behind
The analyst emphasized his expectation that artificial intelligence and the products supported by it will become one of the biggest bubbles in the history of financial markets. “So far, this is just the beginning,” he tweeted, then pointed out that Dogecoin‘s market value is larger than the entire market of AI coins.
While Deutscher anticipates a financial bubble, he also mentioned that this sector presents a “trillion-dollar opportunity.” He believes that AI coins are “great intermediaries for major AI events and conferences” and expects them to remain so in the near future.
The analyst also revealed his skepticism that all “AI cryptocurrencies” contain real AI technology. Instead, he views the term artificial intelligence as nothing more than a buzzword used to create excitement around these coins.
According to Miles Deutscher’s data, AI, which he believes to be the most disruptive technological achievement of this century, currently ranks only 20th in terms of industry size, with a total value slightly less than Dogecoin’s market cap.
AI-Based Crypto Scams Expand Their Reach
As artificial intelligence technology continues to make impressive progress every day, it benefits not only crypto developers but also crypto scammers. There are many cases where scammers have produced deepfake videos featuring significant leaders in the crypto world. Among them are Ripple CEO Brad Garlinghouse and the founder of Cardano Blockchain, Charles Hoskinson.
The resemblance of these videos to the real personalities is striking. Hoskinson noted that in the next few years, deepfakes produced by artificial intelligence will become extremely sophisticated, making it impossible to distinguish a fake scam from reality.
