The United Nations Development Programme (UNDP) has announced a partnership with the Dfinity Foundation to enhance its Universal Trusted Credentials (UTC) initiative. The collaboration aims to improve financial inclusion for micro, small and medium enterprises (MSME) globally using blockchain technology. UN Project Explores Digital Identity Solutions for MSME Financing The partnership will focus on developing […]
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Cleanspark Acquires Griid in $155 Million All-Stock Deal to Boost BTC Mining Operations
In a significant expansion move, Cleanspark, a leading U.S. bitcoin mining company, has announced the acquisition of its rival firm Griid for 5 million. This strategic all-stock transaction aims to enhance Cleanspark’s mining capacity, particularly in the aftermath of Bitcoin’s fourth halving event which has increased the pressure on mining profitability. Cleanspark Acquires Griid in […]
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Pyypl and Visa Partner to Boost Financial Inclusion in MEA With Prepaid Cards
Pyypl, a fintech company operating in the Middle East and Africa (MEA), has partnered with Visa to introduce virtual and physical prepaid Visa cards via its mobile app. This strategic collaboration aims to enhance financial inclusion across the region, providing underserved populations with greater access to financial services. The integration of Visa virtual cards will […]
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IMF: CBDCs Can Boost Financial Inclusion and Payment Efficiency in Middle East
The International Monetary Fund (IMF) says 19 countries in the Middle East and Central Asia, including Bahrain, Georgia, Saudi Arabia, and the UAE, are in the advanced “proof-of concept” stage for central bank digital currencies (CBDCs). “We support policymakers evaluating the need to issue a CBDC and help them craft strong policies and regulatory frameworks […]
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Zilliqa Partners With Gravity Team to Boost Liquidity in Emerging Markets
PRESS RELEASE. Zilliqa, the high-throughput, low-fee layer 1 blockchain platform, is thrilled to announce its strategic partnership with Gravity Team, a leading algorithmic market maker and liquidity provider in the cryptocurrency space. This collaboration is poised to significantly enhance liquidity within the Zilliqa ecosystem, particularly in global and emerging markets, providing investors with increased access […]
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Bitwise Forecasts $20 Trillion Boost To Global GDP From Crypto And AI By 2030
The intersection of artificial intelligence (AI) and crypto is poised to unleash a notable wave that could add a staggering trillion to the global gross domestic product (GDP) by 2030, according to a recent report by Bitcoin ETF issuer Bitwise.
The study by analyst Juan Leon highlights the potential magnitude of this synergy, which is expected to surpass current expectations. The annual Consensus conference in Austin further underscored the significance of this trend, with industry experts discussing its wide-ranging implications, from tokenization and regulation to monetary policy and Bitcoin ETFs.
Convergence Of AI And Crypto
According to Bitwise’s analyst, the AI boom led by companies like Nvidia has propelled the market cap of the world’s leading AI chip producer above trillion, making it the second-largest public company globally.
However, Leon contends that this boom has created “an unprecedented shortage” of data centers, AI chips, and electricity access as the race for AI supremacy intensifies.
AI companies are turning to Bitcoin miners, who possess the necessary resources—powerful chips, top cooling systems, and supporting infrastructure—to process and store vast amounts of data to address this issue.
The report further highlights recent developments, such as CoreWeave’s offer to acquire Core Scientific and their subsequent partnership, exemplify the growing collaboration between miners and AI providers.
For the analyst, the convergence of AI and cryptocurrency opens up longer-term prospects that warrant attention. One such area is information validation, where the accessibility, transparency, and immutability of public blockchains can counter potential AI abuses.
Startups like Attestiv leverage blockchain technology to create digital fingerprints for videos, enabling verification of their authenticity and combating the prevalence of “deep fakes.” This application can extend to validating research, government communications, and more, offering essential checks and balances on AI-generated content.
The Perfect Pair?
Another promising intersection, according to Bitwise, lies in the realm of virtual assistants. While AI-powered assistants like Siri and Alexa introduced in Apple devices have become “increasingly versatile,” Leon contends that their capabilities can be further enhanced by integrating them with smart contracts and cryptocurrencies like Bitcoin or stablecoins.
The analyst points out that this potential integration would enable secure and efficient execution of complex tasks, boosting productivity and expanding the potential of AI-driven virtual assistants.
PwC projects that AI and cryptocurrency could individually contribute .7 trillion and .8 trillion to the global economy by 2030. However, Leon states that their integration’s “synergistic effects” could result in a compounding effect, potentially driving the combined value to trillion or beyond.
Ultimately, the convergence of AI and crypto presents a notable opportunity for global economic growth. With the potential to add trillion to the global GDP by 2030, this “megatrend” promises to reshape industries, addressing challenges in data centers, information validation, and virtual assistant capabilities.
Featured image from Shutterstock, chart from TradingView.com
Ripple and Archax Extend Collaboration to Boost Real-World Asset Tokenization on XRP Ledger
Ripple, a leading enterprise in blockchain and crypto solutions, and Archax, the UK’s first regulated digital asset exchange, have announced an extension to their existing collaboration on June 13, 2024. This partnership aims to bring hundreds of millions of dollars of tokenized real-world assets onto the XRP Ledger over the next year, positioning the XRPL […]
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Central Banks Boost Gold Reserves by 33 Tonnes in April
Global gold reserves rose by 33 tonnes in April, according to the World Gold Council. The Central Bank of Turkey was at the forefront, increasing its holdings by 8 tonnes. This addition marks 11 consecutive months of purchases, bringing the central bank’s year-to-date acquisitions to 38 tonnes and raising its overall official gold reserves to […]
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Cardano Foundation Forges Government Partnership in Argentina to Boost Blockchain Adoption
The Cardano Foundation has announced an interesting new public partnership in Argentina. The collaboration, which follows a public signing between Rogelio Frigerio, the Governor of Entre Ríos, and Rafael Fraga, the LATAM Lead for Business Development at the Cardano Foundation, is with the state of Entre Ríos, a central province of Argentina. The partnership aims […]
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Nigerian Senate Committee: Regulated Crypto Trading a Boost for Local Currency
The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency and warned that the country’s unclear position could be costing the country. The committee also urged the government of Bola Tinubu to develop the capital and crypto markets to defend the local currency. Nigeria’s Ambiguous Stance on Crypto The Nigerian Senate […]
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