Blockchain & Crypto

Bitwise Says About Overall Potential of Crypto and Artificial Intelligence

The combined financial effect of scaling the cryptocurrency area and the artificial intelligence industry could bring $20 trillion to the global economy by 2030.

Bitwise Says About Overall Potential of Crypto and Artificial Intelligence

The mentioned forecast is contained in the report of the asset manager Bitwise, which was published last Wednesday, June 12. The senior crypto research analyst Juan Leon says that the intersection of artificial intelligence and cryptography will be much more extensive compared to the preliminary assessment of the corresponding process. According to the expert, the digital currency area and the machine intelligence industry can increase the combined global gross domestic product (GDP) by $20 trillion by 2030.

Juan Leon says that the race for AI supremacy is creating an unprecedented shortage of data centers, chips, and access to electricity. In this context, the expert noted that, according to forecasts, the four largest cloud companies will spend about $200 billion next year on the construction of data centers. The analyst underlined that the corresponding efforts are mainly aimed at meeting the growing demand for relevant functional objects from companies that operate in the artificial intelligence industry.

The Bitwise report notes that Bitcoin (BTC) miners have all the resources needed by AI development firms. The mentioned resources include powerful chips, high-tech cooling systems, and accompanying infrastructure. CoreWeave’s takeover offer for Core Scientific (CORZ) last week confirmed demand for the mentioned resources.

Core Scientific also announced the current largest partnership between miners and artificial intelligence developers. This company has hosted a deal for $3.5 billion for CoreWeaves services related to AI.

Bitwise reports that Hut 8 (HUT), Iris Energy (IREN), and other miners have also announced initiatives to host artificial intelligence in the current year. The report also contains a statement that cryptocurrency and machine intelligence may intersect in areas of activity other than simple Bitcoin mining. In this context, information validation mechanisms and digital assistants based on artificial intelligence were mentioned.

As we have reported earlier, Bitget & Sumsub to Upgrade AI-Powered KYC Verification to Combat Deepfakes.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.