Cryptocurrency expert advises governments to fear the impact of artificial intelligence

Mike Novogratz, CEO of Galaxy Digital, expressed surprise that US regulators are paying too much attention to cryptocurrencies but ignoring the rapid development of artificial intelligence technologies. The analyst believes that in the near future, AI will cause a «crisis of deep identity fraud.»

«When I think about AI, it shocks me that we talk so much about regulating cryptocurrencies and are silent about regulating AI. I think the government [США] has completely turned everything upside down. The best use of crypto in the future will be AI-assisted identification. You’ll get fake Mike Novogratz, so how can you prove your real identity in such a world?» the Galaxy Digital CEO reflects.

However, Novogratz believes that blockchain-based applications will play a «significant role» in solving certain AI-related problems: «Cryptocurrencies and blockchain will play a huge role in the field of artificial intelligence. It is foolish to think that we should stop the industry because of Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried in his Bermuda shorts."

Regarding the current state of the market, Novogratz said that «trader exhaustion and China’s openness» have helped the crypto industry to recover significantly. The analyst believes that it was after the Chinese government’s tough approach aimed at suppressing the COVID-19 pandemic that the turnover of cryptocurrencies in the country increased significantly. «China has lifted regulatory requirements for its tech companies, including cryptocurrencies, so we are seeing a lot of activity in Asia,» said the CEO of Galaxy Digital.

In conclusion, Novogratz assured that the crypto market will only grow by the end of 2023. Two weeks ago, the analyst stated that the US banking system is entering a state of severe crisis, so users need to look for alternative investment instruments, such as gold and cryptocurrencies. That is why Novogratz considers bitcoin to be the safest asset in the world.