Renowned crypto entrepreneur and essayist Arthur Hayes has recently shared his intriguing insights on the future of cryptocurrencies, particularly Bitcoin (BTC), and their potential interaction with the rapidly growing realm of artificial intelligence (AI). In his latest piece, Hayes unveils two captivating predictions that have set the crypto community abuzz.
Will AI be humanity's Massa?— Arthur Hayes (@CryptoHayes) July 6, 2023
Read on to hear why AI will use $BTC as their currency and my $BTC price predictions if this comes to be an accepted narrative. https://t.co/AHiVTWSZBQ pic.twitter.com/gDJZA8VdPu
The first prediction posits that Bitcoin will emerge as the primary currency for artificial intelligence. Hayes argues that AI requires a censorship-resistant blockchain-backed currency, and only Bitcoin possesses such qualities. He supports his claim by highlighting Bitcoin's superior attributes, stating that it is intrinsically linked to the cost of electricity, which is the lifeblood of any AI.
Unlike fiat currencies and gold, which lack definitive value or calculability, Bitcoin's supply is cryptographically finite, making it an ideal choice for any AI seeking a reliable and scarcity-backed digital currency, argues Hayes.
Very triple-digit Bitcoin
Building upon this notion, Hayes delves into his second prediction, contemplating the potential price surge of BTC should it become the dominant currency of the AI economy. Drawing upon various indicators, including the size of the AI economy, the daily GDP value for 2022, Bitcoin's capitalization to daily transaction value multiple, the velocity of payments and the total supply of BTC, Hayes calculates an optimistic scenario where the price of Bitcoin could skyrocket to an astounding $760,000 per coin.
It remains to be seen whether Bitcoin will indeed ascend as the dominant currency of the AI era. However, Hayes' predictions and in-depth analysis will undoubtedly contribute to the ongoing discourse surrounding the future of cryptocurrencies and their potential convergence with artificial intelligence.