Former BitMEX CEO Arthur Hayes thinks that Bitcoin will become the native currency of AI-powered economies and hit over $750,000 in the process. Hayes’s rationale is hinged on the benchmark cryptocurrency’s inherent attributes that could make it interoperable with the fast-growing realm of artificial intelligence.

Hayes Calls BTC The “Logical Currency Choice For AI”

In his latest intriguing piece titled “Massa”, Arthur Hayes has delved into the potential integration of Bitcoin and artificial intelligence (AI).

According to the Thursday blog post, the well-known crypto trader suggested that Bitcoin will ascend as the dominant currency for AI. He argued that the premier crypto’s attributes as a purely digital, censorship-resistant, and digitally scarce currency make it the most fitting choice for AIs.

“Bitcoin is thus the logical currency choice for any AI. It is purely digital, censorship-resistant, provably 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 added that compared to fiat currencies and gold, which don’t have irrefutable value or quantifiability, Bitcoin’s immutable supply is programmatically capped at 21 million coins, making it a logical choice for any AI looking for a currency that’s reliable and enshrined with “clear and transparent” rules from the outset.

Bitcoin’s Road To A $760,000 Price Tag

Where would a possible convergence between Bitcoin and AI leave the top cryptocurrency?

Hayes predicted that Bitcoin could reach a staggering $760,000 per coin on the back of an AI boost.

“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 stated. “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 no stranger to sky-high price forecasts. In April 2022, the industry stalwart explained how Western financial policy’s “doom loop” would spark Bitcoin’s run to $1 million by 2030.

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Filed under: Bitcoin - @ July 8, 2023 8:02 pm