Arthur Hayes, co-founder and former CEO of BitMEX was at Token2049 conference in Singapore, where he discussed the transformative impact of artificial intelligence (AI) on our world, the critical role of decentralized storage solutions in this AI-driven era, and the importance of crypto in driving the AI economy.
The co-founder highlighted the dominance of AI as a prevailing topic in today’s tech landscape by recalling several business meetings he has attended involving global asset management companies and wealth professionals. He noted that AI has consistently emerged as the dominant theme of discussion and has gathered significant interest, similar to the rise of the internet in the early 2000s.
He continued saying that since “there’s always something that captures our attention in each cycle of new technology that completely changes the human experience” from radio to railways, “AI is no different”. The impact of AI, as previous technologies have shown, is that it will create significant value for the world, potentially worth trillions of dollars.
Using ChatGPT as an example, he said that it has been the “fastest technology ever adopted in human history,” and many recent startups are leaning toward adopting the ChatGPT LLM to create value for the world.
Another significant occurrence he mentioned in the global market is the performance of NVIDIA stock. It rose by 206% from January to August of 2023. NVIDIA is a prominent AI company known for its graphics processing units (GPUs) and related hardware and software products.
They are widely recognized for their contributions to the fields of computer graphics, gaming, artificial intelligence, and deep learning. NVIDIA GPUs are used in a variety of applications, from gaming graphics to high-performance computing tasks like scientific simulations and AI research.
AI and decentralized data storage
Speaking further about AI, Arthur added that one of AI’s key requirements is computing power and data storage. He noted that the required data storage solutions will need to be built on a decentralized model. Why?
“By putting your data in a centralized company, that company can shut down your service due to government orders, change prices at any time because it’s their data center, and cancel contracts at any time,” he said.
Arthur also likened AI to a new economic entity and argued that it operates independently of traditional human laws and regulations. As governments struggle to regulate AI, cryptocurrencies could serve as a means to facilitate transactions involving these intelligent entities.
Filecoin, crypto, and AI
With the help of decentralized storage systems and the rapidly evolving technology market which includes AI, blockchain, and crypto, Aurthur noted that crypto will most likely become the best fit for such an economy.
Combining the power of AI, the need for a decentralized data storage system, and crypto to drive the economy, he revealed that Filecoin is a fit for the market.
Filecoin is a decentralized storage network and cryptocurrency designed to create a global marketplace for data storage and retrieval.
It allows users to rent out their unused hard drive space in exchange for Filecoin tokens (FIL) or to purchase storage space from others on the network.
Reflecting on his investment portfolio and the missed opportunities in emerging AI startups as well as crypto, he told the audience that he has invested in Filecoin because of the potential the project holds for the future of the financial market.
While FIL has seen a significant drop in value, Authur expressed confidence in its potential, given its real-world usage and collaboration with entities like CERN, NASA, and Universities.
In conclusion, he urged attendees to consider the intersection of cryptocurrency and AI as a potent force shaping the future of finance and technology.
