The Chief Executive Officer and Founder of deVere Group, Nigel Green has posited that Bitcoin’s compatibility with Artificial Intelligence technologies is driving major institutional investors to increase their exposure to the cryptocurrency.
According to him, the buzz surrounding AI is real as Nvidia’s shares, for example, jumped almost 210% this year on the frenzy around its uses within AI. “The AI boom is grounded in tangible technological advancements and the potential to reshape industries across the board.
“The transformative capabilities of AI, coupled with its cross-industry disruption, data-driven nature, and rapid innovation, make it a compelling investment opportunity.
“This is, of course, attracting huge amounts of institutional capital.
“These same institutional investors are increasingly recognising Bitcoin as the currency for the AI era and, therefore, are also increasing their exposure to the world’s largest cryptocurrency,” he noted.
Three key reasons why Bitcoin is the currency for AI
- First, in the world of AI, data integrity is paramount. The ability to trust the source and history of data is crucial, whether it’s for training machine learning models or verifying the authenticity of data inputs. Bitcoin’s blockchain provides a tamper-proof record that can be used to ensure data integrity in AI applications,” notes Nigel Green.
- Second, Bitcoin’s borderless nature facilitates seamless cross-border transactions, enabling AI companies to access the resources they need without the limitations of traditional financial systems, such as high fees and lengthy processing times.
- Third, AI relies heavily on data, and organisations are increasingly seeking ways to monetise their data assets. Bitcoin opens up new possibilities for data marketplace platforms where AI-focused firms can access and purchase datasets with ease, creating a thriving ecosystem of data sharing and monetisation.