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ARK Invest CEO Cathie Wood says the convergence of Bitcoin and Artificial Intelligence (AI) will spark explosive growth.
She made the comments in an ARK Invest video discussion entitled, ”Why Bitcoin is the Currency for AI,” and argued that new technologies usually start off slowly before gaining momentum and entering the steep part of a so-called S-curve. That’s where Bitcoin and AI are now with massive user adoption, she said.
“I think we are at a very similar point in both Bitcoin and AI,” she said. “They’re both moving into the steep part of the S-curve. So you have S-curves feeding S-curves, creating opportunities for explosive growth potentials.”
Cathie Wood Says Tesla Shows The Potential For Bitcoin And AI Growth
Wood cited Tesla to illustrate how convergence in technologies triggers massive growth potential. She attributed Tesla’s success to the convergence of autonomous vehicles (robots), artificial intelligence, and electric energy storage.
While the success of Tesla is already evident, Wood explains that more explosive growth could be on the way as the full potential of autonomous vehicles has yet to be realized.
The advancement of AI could improve various aspects of the cryptocurrency industry, including security, transaction speed, and data analysis, she said. The decentralized nature of Bitcoin and immutable blockchain technology could set up a robust foundation for AI applications, she added.
Besides triggering explosive growth, the convergence between Bitcoin and AI could change how companies organize their operations, Wood said last week. She believes that companies will see a significant drop in costs and an explosion in productivity.
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
Growth In AI Technology Could Disrupt Tech Giants
Ark Invest analysts also published a paper last month saying AI technology could threaten Apple and Alphabet by disrupting Google Search and the App Store. The analysts opined that this disruptive technology will affect “cash-cow businesses of large market incumbents.”
Since 2014, our analysts have been dissecting the AI revolution. While big benchmarks highlight mega tech, we think AI's true potential lies beyond them in focused, agile companies. In this paper, we highlight potential opportunities built on AI. https://t.co/924f6lrMfK
— Cathie Wood (@CathieDWood) September 1, 2023
OpenAI has launched product plugins for the ChatGPT chatbot to enable interactions with external data and services, the paper says. These plugins can search for real-time information on the web, make online purchases, book hotels, flights, and rental cars globally at low prices, it added.
OpenAI’s product plugins have negated the need for special-purpose apps as they can offer access across the open web, the paper said, adding that AI could disrupt Apple as developers avoid paying its 15% to 30% charges, hurting the tech giant’s revenues.
AI models will boost productivity in agile companies, while AI-added software creating tools will lower the time spent creating software. As such, the Ark analysts predict global productivity will increase by up to four times by 2030.
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