Galaxy Digital, led by Mike Novogratz cryptocurrency and foresees a significant increase in activities in the artificial intelligence sectors explained.
Super insightful report from the @glxyresearch team… They share predictions for the year ahead on everything from bitcoin ETFs to crypto and AI. Definitely worth the read. Best in the game!! https://t.co/WFjIVP56iS
NEWS CONTINUES BELOW— Mike Novogratz (@novogratz) January 24, 2024
According to Galaxy Digital, an increase in adoption and new entrants in these two popular sectors is possible due to the increasing demand for graphics processing units (GPU). The GPUs in question are one of the critical hardware for training and running artificial intelligence models. Leading technology giants have also started to provide private server services used only for these purposes.
Galaxy Digital analysts also made some predictions that may affect the future of the cryptocurrency industry. As we reported as Koinfinans.com, the sector follows closely Bitcoin Recent developments, especially the development of ETFs, are important enough to change the functioning of the market. The developments in the sector now consist of developments that can pave the way for significant investment inflows that will affect asset managers and stock markets.
The next development that the Bitcoin and cryptocurrency world follows closely will undoubtedly be the “halving” event. With the halving expected to take place in April, mining rewards will be reduced by half. However, according to Galaxy Digital’s report, the period in which the halving will occur interestingly coincides with a period when many central banks will carry out monetary expansion.
The Cryptocurrency World Will Host Many Developments
In addition to the activity on the Bitcoin front, the company closely follows the Ethereum network and pointed out the importance of developments such as restaking, especially Layer-2 solutions.
According to Galaxy Digital Ethereum Despite existing improvements and developments, Solana and similar alternatives will not be able to escape competition from blockchain. This may help the network gain attention by finding itself in a struggle again.
In the continuation of the report, the company also touched upon decentralized finance, or DeFi, as it is known in the cryptocurrency world, and stated that it cannot compete with traditional finance despite the possibility of growth in the field.
Finally, the report also included an expectation that the issues issued by companies outside the US market will increase. This is an important development that can increase activity in the stablecoin market.