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Key Takeaways
- Mike Novogratz, CEO of #Galaxy Digital, believes AI regulation is more pressing than crypto regulation
- Novogratz highlights the potential misuse of AI, particularly with the rise of deep fakes and identity verification concerns
- Despite this, Novogratz remains confident in the upward trajectory of the #crypto market throughout 2023
Galaxy Digital's CEO has recently expressed his belief that the regulation of artificial intelligence (AI) is a more pressing matter than that of #cryptocurrency.
Mike Novogratz, CEO of Galaxy Digital, believes that regulators have their priorities upside-down when it comes to regulating cryptocurrency and artificial intelligence (AI).
During Galaxy Digital's fourth-quarter conference call on March 28, Novogratz expressed his surprise that cryptocurrency has received more regulatory attention than AI. He argues that as AI advances, deep fakes could create an identity crisis, making it a more pressing concern for regulation than #crypto.
Novogratz believes that identity verification will be one of the best use cases for #crypto in the future. This is because in a world where deep fakes are prevalent, it will be necessary to prove one's identity.
However, blockchain-based applications could help combat some of the negative impacts of AI. Many experts believe that crypto and blockchain will play a significant role in regulating AI.
The U.S. Commodity Futures Trading Commission recently held talks about the impact of AI with its Technology Advisory Committee. This demonstrates a growing recognition of the importance of these technologies and their potential to shape the future of our society.
Novogratz notes that the current state of the crypto market is showing signs of recovery, thanks to "seller exhaustion" and the reopening of China. He believes that the panic selling and nervousness that had been plaguing the market has finally subsided, allowing for a much-needed breather.
Additionally, China's recent decision to ease its regulatory stance on tech companies has resulted in increased crypto activity in the region.
Novogratz is confident in the continued upward trajectory of the #crypto market throughout the remainder of 2023. He notes that the market feels robust, and upon examining the charts, he has observed significant weekly closes. Galaxy Digital recently swung back into profit after a challenging loss of $1 billion in 2022, thanks to the crypto market's strong rebound.
In conclusion, Novogratz's comments highlight the need for greater attention to be paid to AI regulation. As AI becomes more prevalent in our lives, it is essential that we have measures in place to prevent the misuse of this technology. Additionally, Novogratz's insights suggest that the #crypto market is on the path to recovery, and investors can look forward to a more stable and prosperous future.
Also, read - No Ban on Crypto Under New Money Laundering Regulation Law in Europe