BitMEX founder Arthur Hayes predicts that one red-hot tech sector could send Bitcoin (BTC) soaring by more than 2,400%.
Hayes says in a new blog post that artificial intelligence (AI) will likely drive Bitcoin’s meteoric ascent in the next 10 years.
[adinserter block="1"]According to Hayes, AI will naturally gravitate to blockchain technology for its inherent qualities including transparency and strict rules, which a single entity cannot alter.
“For an AI that is not human and does not intrinsically understand human ‘laws,’ this risk of being de-platformed is high and undesirable. AIs will need a digital payments system with clear and transparent rules that are applied regardless of who is transacting or what is being paid for on the network. There can be no singular entity with the power to arbitrarily change the rules of the game whenever it pleases.
An AI doesn’t have an army, yet, to force a payments system to bend to its will. The system must be censorship resistant from the outset. A suitable payments system can only be powered by a public or private blockchain. A blockchain’s rules are enshrined in code that is clear and transparent. That is why this, and only this, type of digital payments system can be used by AIs.”
According to Hayes, AI needs a digital payment system that will likely be satisfied by Bitcoin.
“Bitcoin is thus the logical currency choice for any AI. It is purely digital, censorship-resistant, probably 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.”
Hayes also says that AI will likely fuel economic growth in the coming years and lays down a model that suggests AI could account for between 5% to 50% of the global GDP within the next decade.
Should the AI economy rely on Bitcoin as its core payments system, Hayes predicts that BTC could soar as high as $760,591, a potential increase of 2,410% from BTC’s current price of $30,301.
“Remember – the market will overpay for Bitcoin network growth if it believes there is a possibility that my assumptions could be true in the future. The most money is made when the market price adjusts from ‘can never happen’ to ‘maybe could happen.'”
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