Arthur Hayes, the founder of BitMEX, predicts that a particularly dynamic tech sector could propel Bitcoin (BTC) to increase by over 2,400%. According to him, artificial intelligence (AI) would be the main driver of this meteoric rise over the next decade.
Why Would AI Turn to Blockchain Technology?
Hayes believes that AI will naturally turn to blockchain technology for its intrinsic qualities, including its transparency and strict rules that cannot be altered by a single entity. He explains:
“For an AI that is not human and does not intrinsically understand human ‘laws’, the risk of being de-platformed is high and undesirable. AIs will need a digital payment system with clear and transparent rules that apply regardless of who is transacting or what is being paid on the network. There cannot be a singular entity with the power to arbitrarily change the rules of the game at its whim. An AI does not have an army, at least not yet, to force a payment system to bend to its will. The system must be censorship-resistant from the start. An appropriate payment system can only be powered by a public or private blockchain. The rules of a blockchain are etched in clear and transparent code. That is why this type, and only this type, of digital payment system can be used by AIs.”
Bitcoin: The Logical Choice for Any AI
Hayes claims that AI needs a digital payment system, which will likely be fulfilled by Bitcoin. “Bitcoin is therefore the logical currency choice for any AI. It is purely digital, censorship-resistant, likely scarce, and its intrinsic value depends entirely on the cost of electricity. There is nothing in existence today that can come close to Bitcoin in these aspects.”
AI: An Engine of Economic Growth?
Hayes also predicts that AI will likely be an engine of economic growth in the coming years and proposes a model suggesting that AI could represent between 5% and 50% of the global GDP over the next decade. If the AI economy relies on Bitcoin as the central payment system, Hayes predicts that BTC could reach up to $760,591, representing a potential increase of 2,410% compared to the current price of BTC at $30,301.
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