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Canaan Inc. (NASDAQ: CAN) will participate in the 4th Annual Needham Virtual Crypto Conference on September 5, 2024, featuring a presentation and investor meetings. (Read More)
Raoul Pal, the founder of Real Vision and a recognized figure in the crypto community, has issued a stark warning about the rapidly approaching transformations in the global economy, driven by unprecedented technological advancements. In his latest video, Pal, who has long advocated for an understanding of what he calls the “exponential age,” claims that the coming years will bring about the largest changes humanity has ever experienced, due to the rapid development of artificial intelligence (AI) and robotics. According to Pal, we are nearing what he terms the “economic singularity,” a point beyond which current economic, market, and business frameworks will no longer be applicable. By about 2030, things are going to become not understandable by using the existing frameworks of economics, financial analysis, markets, and that kind of stuff, Pal explains. Pal He asserts that AI and robotics are advancing at a pace that will soon outstrip human capacity to adapt under current economic systems. Falling birth rates and aging populations across developed nations are leading to a decline in the traditional economic drivers of GDP growth. Moreover, Pal notes that productivity has not kept up with technological capability, and most new debt is simply servicing old debts, not creating new economic value. Related Reading: Grayscales Bullish Forecast: The Top 20 Crypto To Watch In Q4 The most significant aspect of Pal’s warning concerns the role of AI in the economy. He believes that AI will reach and surpass human levels of intelligence across all areas of knowledge, fundamentally altering the landscape of labor and productivity. AI is basically infinite human knowledge now […] As these models scale, the breakthroughs come through, and the average IQ of AI goes from 100 to 400, and then on to a million times the intelligence of a human, Pal states. This immense growth in AI capabilities is expected to lead to what Pal describes as infinite productivity and a near-zero marginal cost of electricity, primarily due to advances in renewable energy technologies. He argues that these factors will lead to massive deflationary pressures as goods and services become increasingly inexpensive to produce. The Key Role Of Crypto Pal is particularly bullish on the transformative power of blockchain technology and cryptocurrencies in this context. He describes a future economic model where “AI agents” perform tasks and transact autonomously using cryptocurrencies, given their ability to operate independently of traditional banking systems. Related Reading: VP Kamala Harriss First Speech On Crypto Sparks 7% Rise In This Memecoin Obviously, we’ll probably need crypto payments to pay you. […] I think we’ll use cryptocurrency to do that because last thing I checked, AI can’t get a bank account – it’s never going to transfer money over SWIFT, never going to happen, Pal remarks. Pal urges viewers to recognize the urgency of investing in cryptocurrencies. He advises that the window for capitalizing on these technologies is closing fast, with only about six years left to make substantial gains before traditional economic and market structures transform irreversibly. “We’re going to have to go through this together and we have to be smart and try and figure it out as we go but I do know that this idea of 6 years to make as much money as possible is really important and I do think that the real answer to this, as far as I can see, is cryptocurrency because it is the best performing asset in the world and of all time. So I think that’s the one thing we can lean in, it has a huge future, Pal says. At press time, Bitcoin traded at $63,588. Featured image from YouTube, chart from TradingView.com
Despite current crypto market volatility, Chainlink projects rapid growth in tokenized assets, driven by institutional demand and regulatory advancements.
The CIO of Bitcoin asset manager Bitwise claims the "most powerful people in finance" are buying Bitcoin and crypto. He says nearly 70% of top financial advisors at a recent summit owned Bitcoin and crypto personally.
The Hong Kong Monetary Authority is looking at a potential CBDC from a wide perspective.
MicroStrategy has completed a $1.01 billion convertible note offering, allocating proceeds for Bitcoin purchases and debt repayment.
OKX Singapore also announced that it has hired Gracie Lin as its CEO. Lin previously worked at the Monetary Authority of Singapore.
Other Web3 infrastructure platforms, such as Circle, are also considering IPOs.
Chainalysis' 2024 report reveals how institutions in South Korea and Hong Kong are spearheading cryptocurrency adoption in Eastern Asia. (Read More)
Founders who used to work at Coinbase, Circle and Goldman Sachs have teamed up to create an exchange that will use PayPal USD as its main settlement currency.
While DBS did not say the exact date, the banks said that the newly-announced crypto offerings will begin some time on the fourth quarter of 2024.
New tokens launched in 2024 have struggled, but institutional investment has proven to be a significant factor for their success, according to Cointelegraph. (Read More)
The Northern Trust Carbon Ecosystem will enable carbon credit transactions from issuance to retirement.
Standard Chartered was approved by the Dubai Financial Services Authority to offer crypto custody solutions in the UAE.
Before receiving the license, BitGo served users in Singapore and APAC, but the offering included only custody services from the US South Dakota Trust and hot wallets.
Grayscale has added the Bittensor protocol and the Sui network to its list of crypto investment products.
The Institutional Paradox: How Big Money is Reshaping Bitcoins Future
A survey showed that 26% of institutional investors and wealth managers support Bitcoins use case as a reserve asset.
A consortium of big crypto companies, including Coinbase, has just launched a new certification scheme for Ethereum node operators called NORS.
Options would allow institutional investors to hedge risks and traders to amplify their buying power.
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