NewsletterArthur Hayes Sees Bitcoin as Currency for AI, Sets New Price Target
Arthur Hayes, the co-founder of BitMEX has shared a whole new impressive forecast for Bitcoin (BTC) and the Artificial Intelligence (AI) world.
Interoperability of Bitcoin and AI
According to Hayes, Bitcoin is poised to become the digital currency of the emerging AI ecosystem. The top crypto trader and analyst’s rationale is hinged on the premier cryptocurrency’s core properties. He cited the coin’s digital, uncensorable, and scarce properties as part of the features that make it ideal for an AI-driven future.
While the emergence of Artificial Intelligence is as new as blockchain, there has been a growing number of projected correlations between both sectors. In Hayes’s belief, he said the nature of the economy the AI world is designing might be complemented by the decentralized nature of Bitcoin and the ownership powers the users have on their assets.
In his complicated analysis, Hayes noted that Bitcoin serving as the “food of AI” will bring intrinsic value to the new systems owing to the fact that the value of the digital currency is tied to pure energy that is derived from electricity.
The Bitcoin Price Target
Based on his representation and analysis, Arthur Hayes believes Bitcoin has the potential to soar as high as $760,000 owing to the potential combination of both BTC and AI mania.
“If Bitcoin is seen as likely to be — or even starts to be — used by AIs, then we could see two separate manias combine into one mega mania: the mania of wanting to escape inflation within the fiat financial system, and the mania of wanting to own a piece of the next phase of human and computer evolution'” Hayes said. “The overlap of these two manias would likely drive investors to grossly overpay for growth, causing the value of the Bitcoin network to rise to silly levels.”
Arthur Hayes is one of the early crypto pioneers whose analytics remains relevant to many investors in the industry today. The crypto veteran has a number of bullish theories as it concerns crypto price rally and many have applauded his current call for Bitcoin to play a key role in the future of AI.
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