Former Bitmex CEO Predicts Bitcoin to Become Official Currency of AI Systems - COINTURK NEWS
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Former Bitmex CEO Predicts Bitcoin to Become Official Currency of AI Systems

12:14 pm (155 days ago)
July 8, 2023

Former CEO of the US-based crypto exchange Bitmex and currently managing a family office called Maelstrom, Arthur Hayes, proposed that Bitcoin could be the official currency of Artificial Intelligence (AI) systems. According to Hayes, neither gold nor fiat money are as close to finding a place in AI systems as Bitcoin is. 

Neither Gold Nor Fiat Money: Only Choice is Bitcoin 

In his latest blog post, Hayes claimed that the decentralized nature of the Bitcoin network and the control network users have over their assets are compatible with potential features of future AI economies. 

The value of Bitcoin is tied to the cost of electricity, which, in Hayes’s words, is “the food of artificial intelligence”. Over time, this makes Bitcoin an efficient and predictable store of value for AI systems, suggesting “Bitcoin is the monetary tool closest to representing pure energy.” 

Furthermore, according to Hayes, Bitcoin’s provable scarcity and resistance to censorship provide advantages to AI-based technologies over other forms of currency. The well-known figure added that the supply of gold and fiat money is variable, while Bitcoin’s supply is cryptographically limited, offering a predictable financial foundation that cannot be manipulated for these systems. 

Merging of Bitcoin and AI Mania Could Trigger Major Upsurge 

According to Hayes, if the AI economy were to adopt Bitcoin, the need to escape inflation in the fiat system, combined with the urge to participate in the next stage of human and computer evolution, could push investors to overvalue the potential growth of the largest cryptocurrency: 

If the likelihood of Bitcoin being used by artificial intelligences increases, or even begins to be used, then we will see the madness of escaping inflation in the fiat-based financial system combine with the madness of owning a part of the next stage of human and computer evolution in a single mega madness. The convergence of these two manias could push investors to overpay substantially to catch the rise, leading to an unexpected rise in the value of the Bitcoin network.

Hayes’s prediction model shows that by 2025 or 2026, the AI economy could be worth between 5% and 50% of global GDP, potentially driving Bitcoin prices up to $760,000. The famous name stated that as market assumptions shift from never happening to maybe happening, this represents a historic opportunity period for long-term Bitcoin investors. 

While the future of AI and Bitcoin remains uncertain, Hayes, who plans to “jump on the narrative hype wagon and plan to make money,” stated in May that he expects Bitcoin to go through a high-volatility year and then surge sharply from 2024 with a strong rally. 

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