Cathie Wood, the CEO of ARK Invest, whose spot Bitcoin ETF application is pending with the U.S. Securities and Exchange Commission (SEC), believes that the convergence between Bitcoin (BTC) and artificial intelligence (AI) technology will result in a meteoric rise in the adoption of both technologies.
Renowned cryptocurrency investor and prominent Bitcoin supporter Cathie Wood stated in her latest ARK Invest video analysis that she closely monitors the adoption S-curves of Bitcoin and artificial intelligence. The S-curve, as pointed out by Wood, is a mathematical graph that shows the rate of adoption of a new product or technology by users.
Wood believes that both Bitcoin and artificial intelligence are on the verge of reaching the S-curve stage where users adopt the technologies at an unprecedented rate. Emphasizing the potential of the convergence between BTC and AI to significantly accelerate the adoption process, ARK Invest’s CEO stated:
Interest in new technologies starts slowly, gains momentum, and eventually reaches the steep part of this S-curve before exploding. I think both Bitcoin and artificial intelligence are at a similar point. They are both moving towards the steep part of the S-curve. So, they are moving in harmony with their S-curves, which fuel them and create explosive growth potential.
Wood cited the technological advancement of the American electric car company Tesla as an example of how it could serve as a catalyst for rapid price increases, stating:
The first convergence that really served ARK Invest well was Tesla. Most people thought Tesla was just a car company, but it was actually more than that. Tesla is the convergence of three major innovations.
The first one was robots. Robots transformed into autonomous vehicles. The second one was energy. Electricity became the most efficient and cheapest solution in energy. The third one was AI-based autonomous driving. I think many people were shocked by Tesla’s rapid growth, and we haven’t seen anything yet because autonomous driving has not yet begun.