Bitcoin May Be The Answer to Fight Cyber-Threats, Says Saylor

Updated: 29 May 2023

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Michael Saylor, executive chairman of MicroStrategy, believes that Bitcoin could be the solution to counter cybersecurity threats. According to Saylor, artificial intelligence, such as deepfakes, may fuel cybersecurity threats.

Michael Saylor: Bitcoin is Potential Solution to Fight Cyber-Threats

In an interview with Kitco News, Michael Saylor used the example of social media accounts created by robots to illustrate his viewpoint. He pointed out that billions of fake accounts contribute to a digital “civil war” in today’s society, inciting hatred among genuine users of digital platforms.

My discussion with @MichelleMakori covering the threats to our cybersecurity from AI, cryptographic security solutions based on #Bitcoin, ethical applications of Ordinals & Inscriptions, and @MicroStrategy Lightning & Orange development efforts. https://t.co/nDQkLoR0OL pic.twitter.com/bzavWKsLOQ

— Michael Saylor⚡️ (@saylor) May 27, 2023

Saylor also emphasizes that the risk in the online realm lies in the ability to generate an enormous number of fake personas. This can be used to create conflict and division. With the advancement of artificial intelligence and other emerging technologies, the production of deepfakes is becoming cheaper and more challenging to detect. Saylor suggests that Bitcoin may provide a solution to this problem, although he still needs to elaborate on the specifics of how this would work.

Saylor proposes decentralized identities (DIDs) to combat deepfakes and other issues concerning digital trust. DIDs refer to self-owned and independent identities that facilitate secure data exchange, allowing individuals to verify and control their online identity and personal information.

Saylor further suggests that launching a billion Twitter bots would come with a high cost of a billion transactions, thereby introducing cost and consequences into the online realm by combining cryptography and decentralized crypto networks like Bitcoin. To help fight this, MicroStrategy is developing encrypted signatures for social users and corporate solutions.

OpenAI Developing DID ‘Worldcoin’

Additionally, Sam Altman, the CEO of OpenAI, is also working on proof of personhood technology through his crypto project, Worldcoin. Worldcoin recently concluded a $115 million funding round to facilitate the creation of decentralized identification tools.

The guy who made ChatGPT is coming to crypto.

Sam Altman just raised $115 million for “Worldcoin”.

I did some digging, here’s what you should know: ??

(1/10) pic.twitter.com/X9wT8J8Qha

— zach.pumps? (@zachpumpit) May 26, 2023

In March, the layer-2 protocol Polygon introduced a decentralized identity solution. This solution utilizes zero-knowledge proofs (ZK proofs), which employ cryptographic methods to enable users to verify their identity online. Users can do this without needing their sensitive information to be shared or potentially stored by a third party. The product’s release comes almost a year after its development was initially made public.

Bitcoin Price Faces Resistance Zone, Bulls and Bears Battle for Control

Bitcoin is currently facing a challenging zone where the price is stuck between the 20-day moving average of $27,146 and a support line. The bulls and bears are fighting for control in this area. If the price drops from this zone, the bears will try to bring it down to a critical support level at $25,250.

The bulls will vigorously defend the range between $25,250 and $24,000 because if it breaks, more selling could happen, potentially causing the price to fall to $20,000. On the other hand, if buyers overcome the resistance and bring the price back into the triangle, it would indicate that people are buying when the price dips.

This increases the chances of the price breaking above the triangle’s resistance line, which could push it up to $31,000. Following the debt ceiling agreement, traders will pay attention to the Federal Reserve’s decision on interest rate hikes. Positive data on Personal Consumption Expenditures has made a rate hike at the June meeting more likely.