The government should fear AI, not crypto: Galaxy Digital CEO

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Mike Novogratz, CEO of digital asset investment firm Galaxy Digital, told investors he was shocked by the amount of regulatory attention given to cryptocurrencies, not artificial intelligence (AI).

chief executive officer explained During the company’s fourth-quarter conference call on March 28, it said the U.S. government was “completely upside down” by choosing to focus on regulating cryptocurrencies and not looking at AI. I was.

“When I think about AI, I am shocked that they talk a lot about regulating cryptocurrencies and nothing about regulating AI. increase.”

This concern seems to stem from Novogratz’s concern that AI could cause a “deep fake” identity crisis.

“In many ways, one of the best use cases for cryptocurrency will be ID on AI, because soon you will have a fake Mike Novogratz, hopefully in your hair. […] How do you prove your identity in such a world? ” He said.

However, he believes that blockchain-based applications will “play a big role” in addressing some of the problems posed by AI.

“Crypto and blockchain play a big role in that. It is silly to think that this industry should be kept hidden just because Sam Bankman Freed wore Bermuda pants.”

That said, the U.S. Commodity Futures Trading Commission recently discussed AI and its implications with its Technical Advisory Board last week.

Seller Exhaustion, China Relaxation

Commenting on the current state of the market, Novogratz said that “sellers are exhausted,” and with China reopening, the crypto industry has rebounded significantly so far in 2023.

“We’ve done all the sales we need, right? If we have to sell, panic selling and ‘Oh my God! This could be zero’ and people will go into complete panic and sell seller fatigue.” I felt it,” he said.

Novogratz said he has noticed more crypto activity coming out of China following the government’s tough zero COVID approach.

“China is removing regulation from the heads of tech companies, and that includes cryptocurrencies. [so] More activity from Asia. ”

Related: Can Hong Kong Really Become China’s Agent in Cryptocurrencies?

From a more technical lens, Novogratz was confident that the crypto market would continue its upward trajectory through the rest of 2023.

“The market feels solid and if you look technically on the charts there have been big trades every week. I’m surprised to hear you say this given my mindset in late December, but from now on 3 I wouldn’t be surprised if it went up significantly after 6 months, 9 months.

The strong recovery in the crypto market is also reflected in Galaxy’s balance sheet, which announced today in its quarterly results that it has finally turned a profit after suffering a severe loss of $1 billion in 2022. Did.

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