BitMEX founder Arthur Hayes appeared at Token2049 today and gave a speech titled "Money Printing, AI, and Crypto". Arthur Hayes still maintained his consistent style in his speech, and derived his desired conclusion through interesting lines of thinking. The audience is asked to carefully evaluate whether it is reasonable or not!
Arthur Hayes talks about international economic issues and the AI wave
Arthur Hayes first mentioned the current international economic situation in his speech, saying that the global debt-to-GDP ratio is increasing at an extremely fast rate.
Between 2000 and 2020, this ratio increased by 100%. However, in the past two years alone, it has increased by 100% again, indicating that the scale of global debt is accelerating.
In addition, the problem of negative population growth that is gradually emerging in developing countries and large economies also means that there will not be enough manpower to face the debt problem in the future.
Note: According to Wikipedia, in economics, the debt-to-GDP ratio, also known as the deficit ratio, is the ratio of a country's government debt to its GDP (gross domestic product).
The focus is on the United States. Due to the maturity of U.S. debt in 2026, the United States will have approximately US$7.75 trillion in debt that needs to be rolled over. But who will be willing to continue to take over for the U.S. government?
Arthur Hayes believes that when the debt cannot be digested by the market, the United States can only continue to print money and use debt to finance the debt.
"This will be the largest bull market and currency issuance we have ever seen." Arthur Hayes said.
Arthur Hayes then mentioned the current hottest topic of AI. He believed that the applications unlocked by AI technology will have an impact of trillions of dollars on the global economy, and will also cause the stock prices of related companies to rise rapidly.
ChatGPT is currently the application with the fastest growing adoption, and Nvidia’s stock price has risen 191% since its release.
How to pick AI-related junk coins?
Based on the above reasons, Arthur Hayes compiled a formula:
"No children and excessive debt will create a bull market for fiat currency liquidity + AI will drive a bull market for the technology industry, and AI requires cryptocurrency, so cryptocurrency will also usher in a bull market."
Arthur Hayes called this situation "Double Happiness", which means good things get better. Here he uses the ingenuity of Chinese character creation, and two happy things become the word "囍".
As for what kind of technology is needed to support the development of AI? Arthur Hayes raised two points, namely computing power and data storage.
The computing power is provided by Nvidia and the semiconductor industry, and has less to do with the encryption industry. But what about the data storage part? Is there an angle that the encryption industry can get involved in?
Arthur Hayes raised three issues regarding decentralized storage, namely:
Poor data management
Lack of control and visibility of data
Exorbitant and opaque pricing
For these reasons, Arthur Hayes believes that decentralized storage will be an area of opportunity, and the next thing to do is:
"Choose a junk coin!"
The standards are as follows:
Must be a listed token
Down more than 90% from all-time high in 2021
Must be directly related to computing power or data storage
Based on these conditions, Arthur Hayes found the decentralized storage network Filecoin, but its token FIL has fallen from nearly $200 in 2021 to about $3 currently.
Where is Filecoin better? Will it rise in the future?
Although Filecoin has fallen sharply in the past few years, Arthur Hayes talked about many of its advantages in his speech, such as active sellers may have sold out FIL, and adoption has actually gradually increased in the past few years.
In addition, although Filecoin is an early project and its scale is far larger than similar projects, compared to centralized storage services such as AWS and Dropbox, Filecoin still has a lot of room for growth.
Finally, Arthur Hayes mentioned that the European Organization for Nuclear Research (CERN) and UC Berkeley are actually users of Filecoin technology. For these reasons, he believes that FIL will skyrocket in the future.
"I hope you can help me make the token rise a little more." Arthur Hayes finally said to the audience.
This article Token2049｜BitMEX founder Arthur Hayes talks about the AI craze, FIL will skyrocket! First appeared in Chain News ABMedia.
