ARK Invest’s Cathie Wood bullish on Bitcoin and AI intersection

On Sep 4, 2023

ARK Invest’s Cathie Wood has shared her perspectives on the dynamic intersection of Bitcoin (BTC) and artificial intelligence (AI).

Wood, CEO of ARK Invest, has shared her positive outlook on the convergence of Bitcoin and AI in a post on X (formerly Twitter). Wood sees a profound economic transformation arising from the convergence of these two innovative technologies.

The convergence between Bitcoin – and AI could transform the way companies organize, causing a collapse in costs and an explosion in productivity. I was blown away by the possibilities these brilliant entrepreneurs are creating. Look for this podcast on Thursday! https://t.co/kPW92CuhFQ
— Cathie Wood (@CathieDWood) September 2, 2023

According to the tweet, Wood foresees a transformative change resulting from the dynamic interplay between AI, Bitcoin, and the broader web3 space.

She emphasized the numerous possibilities and favorable outcomes that these technologies could offer to various industries and the broader economic landscape, with the potential to reshape corporate structures, ultimately leading to cost reductions and increased productivity.

Authorities call for AI regulation

As recently reported by crypto.news, the UK House of Commons, Science, Innovation and Technology Committee, has called for a global alliance to tackle AI misuse by bad actors.

As per the report, the swift advancement of AI has heightened the need for discussions on governance and regulation. Policymakers are urged to implement frameworks that will foster AI’s positive use cases while safeguarding against potential societal and individual risks.

The interim report underscores the necessity of a dedicated AI Bill to assist the UK in establishing robust governance frameworks and retaining its leadership role in international AI regulation.

Last March, the UK government also proposed a pro-innovation approach to AI regulation.

In May 2023, a consortium of EU lawmakers collaborated to propose new AI regulations and advocated for a global summit to address the governance of advanced AI systems.

The 12 European Parliamentarians have requested that U.S. President Joe Biden and European Commission President Ursula von der Leyen coordinate a gathering of international leaders to join forces for AI ecosystem governance.

The UK’s history of technological innovation and regulatory expertise presents an opportunity to create a unique path for regulating AI. However, it’s important to acknowledge that the suggested approach may struggle to catch up with the rapid progress of AI technology.

Top AI tokens’ price analysis

According to the latest data from CoinGecko, the current market capitalization of artificial intelligence-based crypto assets stands at $2.37 billion, reflecting a 0.2% increase in value in the last 24 hours.

Top AI tokens | Source: CoinGecko

AI tokens are cryptocurrencies backing AI-related web3 projects solving various real-world problems, including portfolio management, image generation, pathfinding, and more. These tokens play a fundamental role in the operations of these ecosystems.

Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) currently hold the top positions, with market capitalizations surpassing $509 million, $266 million, and $232 million, respectively.

At the time of this report, the price of RNDR stands at approximately $1.37, signifying an 1.7% increase over the past 24 hours.

FET is presently valued at $0.2543, showcasing a 0.1% rise during the same 24-hour period, while AGIX is hovering around $0.189362, indicating a 3.3% increase over the last 24 hours.

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