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BTC Coinbase CEO: Cryptography should be seen as AI infrastructure, not replaced
Coinbase CEO Brian Armstrong recently refuted calls for crypto entrepreneurs to turn to artificial intelligence (AI). In a post on Sunday, he directly targeted the long-standing slogan "If you're in encryption, turn to AI"-a term that seems to have become popular in recent months with the rise of AI.
"This is a zero-sum game, scarcity thinking," he wrote."Encryption is a universal technology, infrastructure like electricity or the Internet. It should not compete with AI, but should provide support for it."
Armstrong puts encryption in the same category as electricity and the Internet, arguing that it is an infrastructure that will not compete with AI, but will instead strengthen the importance of AI. "AI as a general trend will not weaken encryption, but will make encryption more important." He said the opportunity lies in crypto being a real-time programmable currency, and this new area is known as "Agency Finance (AiFi)."
According to Armstrong, AI agents will ultimately need their own financial infrastructure to conduct transactions, hold funds, pay for items, etc. He believes encryption will power the vast majority of proxy payments. "They can't open bank accounts, they can't wait three days for wire transfers, they're located in one country," Armstrong pointed out."They need real-time programmable currency, which is encryption."
Bitcoin miners have turned to AI
The crypto industry has seen a trend of participants shifting their focus to AI, especially in the mining space. Companies such as Core Scientific, CleanSpark and DMG Blockchain Solutions have rented out their facilities to customers, including Alphabet, Amazon, Meta, Microsoft and other hyperscale cloud service providers seeking more computing power. Adam Sullivan, CEO of Core Scientific, said: "The opportunity for miners to switch to AI is one of the biggest opportunities I can imagine." In fact, the company plans to stop all mining operations by 2028.
Recently, Grayscale announced in July that it will rename the Grayscale Bitcoin Miner ETF ($MNRS) to the Grayscale AI Computing ETF starting from September 15. The fund will focus on AI and high-performance computing.
