What Happens When AI Meets Bitcoin and Crypto: Insights from Arthur Hayes
Jessie A Ellis Jul 07, 2023 08:55
Arthur Hayes discusses the potential impact of AI on society, predicting that AI and robotics will eliminate tedious work, leading to a renaissance of art and culture. He believes AI could overtake humans and change the course of humanity overnight. Hayes believes Bitcoin will be the currency of choice for AI due to its digital nature, censorship resistance, and energy purchasing power.
In the piece "Massa," written by Arthur Hayes on Medium, the author examines the potential impacts that artificial intelligence (AI) may have on several aspects of society.
According to him, robots and artificial intelligence (AI) will mostly be used to replace labor-intensive jobs, freeing up workers to pursue their hobbies.
He believes that this can lead to a revival of creative and cultural expression.
Hayes also raises the prospect of artificial intelligence outpacing humans and taking over humanity in the future.
He hypothesizes that, in light of recent developments in computer power, artificial intelligence is on the cusp of a big breakthrough that might transform the path of human history very instantly.
Hayes is interested in the commercial possibilities of AI due of his background in business.
Hayes is of the impression that there will be substantial developments at the interface of AI and cryptocurrencies, notably Bitcoin.
He contends that Bitcoin, owing to its digital form, resilience to censorship, verifiable scarcity, and inherent worth that is connected to the cost of power, will emerge as the preferred money for artificial intelligence.
He contends that artificial intelligence will need a digital payment system that is constantly accessible, fully automated, and open to scrutiny.
He thinks that implementing a blockchain-based system is the only workable answer.
Additionally, Hayes draws attention to the fact that data and processing power—both of which are essentially forms of energy—are the two most crucial resources for artificial intelligence.
Because of this, an AI will need a currency that maintains its power to purchase energy even over extended periods of time.
Hayes goes into great detail to explain why Bitcoin will be the preferred form of payment for machines.
He contrasts the rarity, resistance to digital censorship, and buying power of gold, fiat money, and bitcoin, and finds that bitcoin outperforms the other two in each of these areas.
Last but not least, according to Hayes, the price of Bitcoin might rise sharply in the coming years if the tale of AI loving Bitcoin gets public. According to him, this forecast is predicated on the notion that this story will gain widespread appeal.
Image source: Shutterstock