In a freshly unveiled blog piece, Arthur Hayes, the former CEO of crypto derivatives platform Bitmex, posits that bitcoin is the prime currency for artificial intelligence (AI). Hayes maintains that moving forward, BTC will be the favored currency for AIs since they “must use a system that is available at all times, digital, and completely automated.”
Arthur Hayes Envisions AI and Bitcoin Forming an Alliance, Predicts Price Soaring to $760,000
The ex-chief executive of Bitmex has shared several essays on his cryptohayes substack.com blog, and on July 6, 2023, he delved into bitcoin and artificial intelligence (AI). Hayes envisions bitcoin playing a crucial role in AIs’ future as he contends in his latest essay that the dominant crypto asset will serve as “food of AI.” Hayes proposes that AI and robotics mainly focus on eradicating mundane tasks, freeing more individuals to chase their dreams and produce art and culture. He anticipates this leading to a resurgence of innovation and contentment.
In the essay, Hayes argues that bitcoin (BTC) will ultimately emerge as the preferred currency for AIs. He expounds on how AIs necessitate a digital, automated, and censorship-free payment infrastructure, which traditional banking and fiat currencies fail to deliver. Blockchain-driven systems present desirable features, with BTC being the optimal choice due to its limited supply, censorship resistance, and energy-buying power. He contrasts this with gold and fiat currencies by emphasizing their shortcomings and absence of digital efficacy. In the essay, Hayes declares:
Bitcoin is the monetary instrument closest to representing pure energy.
The former head of Bitmex clarifies that artificial intelligence (AI), akin to humans, demands resources that must be procured and paid for. Hayes asserts that since BTC closely embodies pure energy, it is uniquely qualified as AI currency given its inherent need to conserve energy purchasing capacity. Gold and fiat fall short when compared to BTC’s censorship resistance, long-term value retention, and demonstrable scarcity, according to Hayes. He does concede, however, that in terms of a currency offering verifiable longevity, gold stands on equal footing with bitcoin.
Should AI and bitcoin intersect in this manner, Hayes believes that BTC’s price will skyrocket. In his essay’s latter portion, he ponders the potential price of bitcoin given his theoretical union between the crypto asset and AI. In fact, Hayes’ calculations — which factor in the AI economy’s size and other BTC-related metrics — suggest that the digital asset could reach $760,000 within the next two to three years.
“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,” Hayes concluded in his latest missive. “The most money is made when the market price adjusts from ‘can never happen’ to ‘maybe could happen.’”
What are your thoughts on Arthur Hayes’ bold claim that bitcoin will become the favored currency for AI? Do you believe this potential intersection could lead to a surge in BTC’s price? Share your thoughts and opinions about this subject in the comments section below.