© Reuters
Investing.com – On the fourth quarter conference call of his digital asset investment firm Galaxy Digital, CEO Mike Novogratz lamented that regulators’ attention was focused on cryptocurrencies rather than artificial intelligence (AI).
“When I think about AI, I’m shocked that we talk so much about cryptocurrency regulation and not about AI regulation at all. I mean, I think the government has completely taken it upon themselves upside down” he said, referring in particular to the problem of “deep fakes”.
“In many ways, one of the best use cases for cryptocurrencies will be identity around AI, because soon you’ll have a fake Mike Novogratz, hopefully with hair. […] how do you prove identity in a world like this?” he said.
He judged that blockchain-based applications will play a “huge role” in tackling some of the problems posed by AI:
“Crypto and blockchain are going to have a huge role to play in this. It’s stupid to think that we should hide this industry because of Sam Bankman-Fried,” he said.
Regarding the current state of the market, Novogratz said “seller exhaustion” and the reopening of China helped cryptos rebound in 2023
“China has taken the regulatory boot off its tech companies’ necks, and that includes crypto, [donc] you see more activity from Asia,” he said.
Furthermore, Novogratz is confident that the cryptocurrency market will continue its bull market until the end of 2023:
“The market is feeling strong, and when I look at it technically on charts, we’ve had some big weekly closes. I’m surprised to hear myself say that, given the mindset I was in. end of December, but it wouldn’t be surprising if we were significantly higher in three months, six months or nine months.”
Meanwhile, the market lost ground this week, largely due to the CFTC’s announcement of lawsuits against Binance, the world’s largest crypto exchange by trading volume.