The chief executive and founder of ARK Invest says that artificial intelligence (AI) and Bitcoin () could converge to heavily reduce costs and boost productivity.
Cathie Wood on the social media platform X that the merging of AI and digital assets could fundamentally change the way that companies run.
“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.”
Last month, ARKa report on artificial intelligence, suggesting that chatbots such as OpenAI’s ChatGPT will become efficient enough to disrupt marquee online marketplaces, including Apple’s App Store and Google’s search engine.
“Our research suggests that AI could disrupt the once reliable, cash-cow businesses of large market incumbents. OpenAI’s ChatGPT could threaten Apple and Alphabet by disrupting the App Store and Google Search, respectively.
OpenAI’s product plugins for ChatGPT enable chatbots to interact with external data and services: they can search for real-time information on the web, order groceries from local stores, and book flights, hotels, or rental cars at the lowest prices anywhere in the world…
According to our research, artificial intelligence software could boost the productivity of knowledge workers roughly four-fold globally by 2030. On a knowledge worker wage base of $32 trillion, global productivity could lower costs by nearly half.”
Wood also says in a new video update that the convergence of Bitcoin and AI could make payments systems drastically more efficient, eliminating unnecessary taxes spent on card-based transactions.
“One of the biggest opportunities out there is to eliminate a tax on all purchases done through the traditional financial system. There’s a tax on those, unless you’re using cash, and the tax is somewhere between 2.5% and 4%.
That’s a pretty big tax in terms of using debit and credit cards and other intermediaries – these intermediaries are going to be disintermediated by the convergence between Bitcoin and artificial intelligence.”