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The union of AI and Bitcoin as envisaged by Arthur Hayes, the former CEO of BitMEX, presents a fascinating potential reality. Hayes, in his most recent essay “Massa”, claims that as the world prepares for the AI revolution, it will find Bitcoin becoming its currency. The price per Bitcoin, he speculates, could soar to an astounding $760,000.
While traditional fiat currencies may find themselves struggling in the coming years, Hayes sees a different future for artificial intelligence. Even though AI technology is only at its beginning stages in 2023, he predicts an inevitable surge of AI integrations that will make it a universal part of our lives.
According to Hayes, “Recent advancements in computing power have brought us to the cusp of a hockey stick moment, in which AI will go viral and change the course of humanity virtually overnight.” This isn’t mere speculation – evidence is found in the rapid growth of ChatGPT, which gathered 100 million monthly active users in just two months. The speed at which AI like ChatGPT is adopted showcases the potential pace of change as AI becomes woven into our daily lives.
Hayes makes it clear that the primary financial instrument to emerge from this AI revolution won’t be a newly minted, AI-centric altcoin. The answer, instead, lies with Bitcoin. Hayes’ theory suggests that AI will value Bitcoin’s unique attributes – the fixed supply, digital scarcity, and its status as “energy money” – making it a logical choice.
In Hayes’ words, “An AI is unlikely to allow itself to rely on anything that a human government operates therefore only gold and Bitcoin are suitable. A tie between gold and Bitcoin.” He adds, “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.”
The transition, he believes, will become visible in roughly three years. Hayes anticipates that the influence of AI could drive Bitcoin’s value to nearly $1 million in about a decade. Depending on the level of investment, Bitcoin’s price could rise to a peak of $760,000 per coin. His prediction rests on the market’s belief in the future potential of his assumptions. “Remember — the market will overpay for Bitcoin network growth if it believes there is a possibility that my assumptions could be true in the future,” Hayes concludes.