AI can be a greater threat than crypto: says Galaxy Digital CEO

Experts believe the crypto market has gone through a strong rebound

According to sources, Galaxy Digital is a digital assessment investment firm
According to sources, Galaxy Digital is a digital assessment investment firm

Mike Novogratz, CEO, Galaxy Digital, a digital asset investment firm, informed investors about his surprise regarding the extent of regulatory attention crypto is getting over artificial intelligence (AI). He also believes that artificial intelligence can trigger a “deep fake” identity crisis, stated Cointelegraph.

On March 28, 2023, “When I think about AI, it shocks me that we’re talking so much about crypto regulation and nothing about AI regulation. I mean, I think the government’s got it completely upside-down,” Novogratz commented at the company’s fourth-quarter conference discussion, Cointelegraph highlighted. 

According to Cointelegraph, “Crypto and blockchain is going to have a huge role in that. It is dumb to think that we should cache this industry because of Sam Bankman-Fried in his Bermuda shorts, period,” Novogratz added further. 

Sources revealed last week that US Commodity Futures Trading Commission had a discussion with Technology Advisory Committee on the topic of AI and its effects. The reopening of China and “seller exhaustion” has contributed to the recovery of the crypto market in 2023, Novogratz mentioned.“China took the regulatory boot off the necks of their tech companies, and that includes crypto, so you’re seeing more activity from Asia.,” Novogratz added. He also holds a belief that crypto market will rise during this year, added Cointelegraph. 

Moreover, Cointelegraph noted that the recovery in crypto market can be seen on Galaxy Digital’s balance sheet, as it rose back to profit after losing about one billion dollars in 2022. 

(With insights from Cointelegraph)

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First published on: 29-03-2023 at 18:00 IST