Galaxy Digital CEO, Mike Novogratz, expressed his concerns about the government’s focus on cryptocurrencies. He believes that the government should instead focus on artificial intelligence (AI). He believes the US government has it “completely upside-down” when it comes to its priorities. Additionally, he stressed that AI is a more significant threat. In his statement, he narrowed the threat from AI to the potential “deep fake” identity crisis.
Novogratz shared his concerns during his company’s fourth-quarter conference call yesterday. He claims that the attention given to crypto regulation while AI remains largely unchecked shocks him. In other words, Novogratz said: “It shocks me that we’re talking so much about crypto regulation and nothing about AI regulation.”
The CEO’s statements are rooted in AI’s potential to trigger a deep fake identity crisis. He emphasized the need for solutions to prove identity in the digital world. Considering how realistic AI-generated fakes are, he is one of the many with these concerns. Novogratz suggested that blockchain technology could play a crucial role in coming up with solutions. Novogratz says that “crypto and blockchain is going to have a huge role” when it comes to solving the fake identity crisis.
The US Commodity Futures Trading Commission (CFTC) recently discussed AI’s nationwide impact with the Technology Advisory committee. However, there is still a long way to go in terms of regulation. , there is still a long way to go in terms of regulation. Novogratz pointed to “seller exhaustion” and China’s easing regulations as contributors to Bitcoin’s recovery in 2023. He explained that the market went through panic selling in 2022.
Crypto’s Comeback, According to Galaxy Digital’s CEO Novogratz
Novogratz also highlighted the ease in Chinese regulations affecting the current Bitcoin rally. With the government lifting some restrictions on tech and crypto companies, investors came back to the industry. This has led to increased activity from Asia in general, contributing to crypto’s recovery.
The CEO also believes that the market is likely to continue its positive performance in 2023. He expressed optimism despite the doubts he had at the beginning of the year. In other words, He states that he wouldn’t be surprised if the market reached higher prices this year. Galaxy Digital’s financial results also reflected the crypto market’s rebound. For your information, the firm reported its first profit after suffering a $1 billion loss in 2022.