Galaxy Digital CEO on AI and Crypto: Don’t Be Scared, Be Very Scared.
It appears that Mike Novogratz, founder and chief executive officer of Galaxy Digital, has his eye keenly on the growing field of artificial intelligence. During a podcast last week, Novogratz remarked that “[the] government should be scared of AI, and not cryptocurrency.” Perhaps these comments should elicit a sense of panic; but, more likely, they will lead to a hefty laugh.
AI: A Menace?
When it comes to regulation of AI and cryptocurrency, it appears that Novogratz is a bit confused. There is little evidence to suggest that AI represents a direct threat to governmental figures and societal order. Conversely, cryptocurrencies like Bitcoin have proven to create an immense amount of volatility, as well as controversy in traditional financial markets.
The Power of Crypto
Cryptocurrency has the power to galvanize a large number of average citizens. Specifically, the decentralized, borderless nature of Bitcoin means that it does not fall under the regulation of any government or central bank. This can prove to be a serious threat to any government.
Novogratz’s warning might have come a bit late; after all, there have already been a number of attempts to regulate the cryptocurrency market. In particular, the United States has been particularly aggressive in its taxation of cryptocurrencies, as well as its attempts to regulate initial coin offerings (ICOs).
Humor (and a Warning)
Novogratz’s comments may be humorous, but they do contain a bit of wisdom. AI and cryptocurrency will shape the future in ways we cannot currently comprehend. Governments should take care to not underestimate the power of these technologies.
So, the next time you hear a government official talking about how scared they are of AI, take a moment to remind them that crypto might scare them a bit more – it’s a reminder to not fear the unknown, just be prepared.
As Novogratz has highlighted, governments must be aware of the implications posed by both AI and cryptocurrency technologies.
Here are a few takeaways to remember:
- AI is not necessarily a threat to governments- however, cryptocurrency is
- Cryptocurrency can galvanize a lot of people- governments must be aware
- Governments should take the warnings seriously
At the end of the day, this conclusion should remain: don’t be scared, be very scared.
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