Arthur Hayes, the founder of BitMEX, is a hot tech industry bitcoin(BTC) by more than 2,400%.
Hayes says in a new blog post that artificial intelligence (AI) will drive Bitcoin’s meteoric rise in the next 10 years.
According to Hayes, artificial intelligence will naturally gravitate towards blockchain technology because of its inherent qualities such as transparency and strict rules that no single entity can change.
For a non-human AI that does not inherently understand human ‘laws’, the risk of being removed from this platform is high and undesirable. AIs will need a digital payment system with clear and transparent rules that apply regardless of who transacts on the network or what is being paid for. There cannot be a singular entity that has the power to arbitrarily change the rules of the game at will.
NEWS CONTINUES BELOWAn AI does not yet have an army to force a payment system to submit to its will. The system must be censorship resistant from the start. A viable payment system can only be supported by a public or private blockchain. The rules of a blockchain are determined by codes that are open and transparent. That’s why only this type of digital payment system can be used by AIs.
According to Hayes, AI needs a digital payment system. Bitcoin will most likely meet this need.
Bitcoin is therefore the logical choice of currency for any AI. It is fully digital, censorship-proof, possibly rare, and its intrinsic value is entirely dependent on the cost of electricity. Nothing comes close to challenging Bitcoin in these respects today.
Hayes also says that AI will support economic growth in the coming years, and lays out a model that suggests that AI could account for 5% to 50% of global GDP over the next decade.
Hayes predicts that if the AI economy relies on Bitcoin as the primary payment system, BTC could rise as high as $760,591, a potential increase of 2,410% from the current price of BTC at $30,301.
Remember, the market will overpay for the growth of the Bitcoin network if it believes that my assumptions are likely to be correct in the future. Most money is made when the market price is set from ‘never to happen’ to ‘maybe can’.