Former BitMEX CEO says AI has a positive effect on the bitcoin rate

Bitcoin will be the currency of artificial intelligence (AI) and could reach a price per coin of $760,000 in the process, Arthur Hayes says.

In his latest essay titled “Massa,” the former BitMEX CEO concluded that the AI revolution would naturally gravitate toward BTC.

Hayes: Bitcoin is a “logical currency choice for AI”

Despite fiat currency regimes being destined to become evermore dysfunctional in the future, Hayes said, there is one burgeoning economic sector that will only go from strength to strength: AI.

While still nascent in 2023, the coming decades will see an explosion of AI-related implementations that will make it ubiquitous and unavoidable.

“Recent advancements in computing power have brought us to the cusp of a hockey stick moment, in which AI will go viral and change the course of humanity virtually overnight,” he wrote.

“In only two months, ChatGPT reached 100 million monthly active users making it the fastest adopted technology in human history — so just imagine how quickly everything is going to change as AIs are integrated into everyday life and continue to learn and improve.”

When it comes to integration, the financial solution on the table first and foremost, Hayes said, will not be a tailor-made, AI-focused altcoin — it will be Bitcoin instead.

The reason, an accompanying theory states, is that AI will view Bitcoin’s inherent qualities — an immutable fixed supply, digital scarcity and its status as “energy money” — as the logical choice.

“An AI is unlikely to allow itself to rely on anything that a human government operates therefore only gold and Bitcoin are suitable. A tie between gold and Bitcoin,” Hayes continued.

“Bitcoin is thus the logical currency choice for any AI. It is purely digital, censorship resistant, provably scarce, and its intrinsic value is completely electricity-cost-dependent. There is nothing in existence today that comes close to challenging Bitcoin on these aspects.”

This material is taken from the website cointelegraph.com