Market
Crypto is the Future of Money in the AI Era
Balaji Srinivasan, former Coinbase Chief Technology Officer (CTO) and prominent angel investor, recently shared his insights on the future interplay between cryptocurrency and artificial intelligence (AI) on his X (Twitter) account.
Srinivasan posits that cryptocurrency will become the predominant form of money as AI and robotics increase due to its inherent scarcity and security. This viewpoint has sparked a debate within the crypto community.
Scarcity and Security: The Pillars of Future Money
Srinivasan outlined several reasons for this viewpoint. He emphasized that in an era of AI-driven abundance, cryptocurrency represents a form of digital scarcity that will retain its value and importance.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
He explained that cryptocurrency is uniquely suited to proving human authenticity in a world where AI can easily mimic human behavior. Additionally, while robots owned by individuals do not require monetary exchange for operation, robots operated by different economic actors will necessitate financial transactions. Cryptocurrency can facilitate these transactions efficiently and securely.
Srinivasan highlighted that while AI might create digital abundance, it does not eliminate all forms of scarcity. Critical resources, such as the supply chains for manufacturing robots and the infrastructure for AI data centers, remain limited. These resources, predominantly located in Asia, underscore the continuing need for a valuable and secure medium of exchange, which he argues is cryptocurrency.
One of Srinivasan’s key points focused on the private keys necessary for controlling robots in the AI age. He stated that these keys will likely be based on crypto technology due to its superior security compared to traditional Web2 systems.
“AI is digital abundance, but it doesn’t make everything abundant. Crypto is digital scarcity and complements AI’s abundance,” he concluded.
Crypto Meets AI: Expert Insights on Future Integration
Srinivasan’s comments were in response to a query from Emad Mostaque, former CEO of Stability AI, who asked about the future of money and economic policy in a world populated by robots and AI agents. This discussion ignited a debate within the crypto community, with some members advocating for a more Bitcoin-centric view, asserting that Bitcoin’s scarcity makes it a more viable candidate than other cryptocurrencies.
“Balaji replaced ‘crypto’ with ‘Bitcoin,’ and everything looks fine because money converges to one. I can bet no autonomous AI agent/robot will accept Vitalik Buterin [and] Ethereum in charge of their monetary policy and hence their purchasing power,” a crypto community replied.
Despite differing opinions within the community, Srinivasan’s broader point about the synergy between AI and cryptocurrency has garnered attention. Industry reports like Bitwise predict that integrating AI and the crypto industry could add as much as $20 trillion to the global GDP by 2030. This potential for economic growth shows the importance of understanding and leveraging this emerging technological convergence.
Read more: AI in Finance: Top 8 Artificial Intelligence Use Cases for 2024
Dominic Williams, founder and chief scientist of DFINITY, shared his perspective on the potential of AI-crypto synergy. He noted that AI running on blockchain-based smart contracts could revolutionize various sectors, from decentralized finance (DeFi) to Web3 social media.
Additionally, Williams emphasized that smart contracts’ inherent security, autonomy, and composability make them ideal for deploying AI applications on the blockchain. He also pointed out that decentralized AI could offer significant regulatory advantages, enhancing privacy and reducing the risks of bad actors.
“They are tamper-proof, ensuring security and correct operation; unstoppable, as they are resilient and always running; autonomous, requiring no trusted intermediary; and composable, making them easy to integrate with other blockchain systems and services,” he explained to BeInCrypto.
As AI evolves, its intersection with crypto will likely shape the next phase of technological and economic development. Srinivasan’s vision of a crypto-dominated monetary system in the AI era reflects the growing recognition of cryptocurrency’s potential to address advanced AI technologies’ unique challenges and opportunities.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
WisdomTree Europe Launches XRP ETP
BTC Surges to $99K, ETH Shoots, XRP Jumps 25%
Rallies 10% and Targets More Upside
Rallies 10% and Targets More Upside
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum23 hours agoFundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market19 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Market23 hours agoCardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
-
Altcoin17 hours agoSui Network Back Online After 2-Hour Outage, Price Slips
-
Market22 hours agoLitecoin (LTC) at a Crossroads: Can It Rebound and Rally?
-
Altcoin16 hours agoDogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
-
Altcoin21 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Bitcoin14 hours agoMarathon Digital Raises $1B to Expand Bitcoin Holdings
