Cryptocurrency analyst and DeFi enthusiast, Miles Deutscher, has recently shared an interesting thread on social media space X regarding his perspective on the intersection of artificial intelligence and cryptocurrency and blockchain.
Is AI-merging-with-crypto- really a trillion-dollar opportunity? Let’s see this opinion to understand the details.
Understanding the AI Narrative in 2024
Deutscher first points out the main catalysts that have boosted the AI narrative in 2024.
His two main contentions are – OpenAI’s Sora release and Nvidia’s record-breaking earnings.
AI startups reached an astounding funding of over $50 billion by 2023, signifying more investment in AI infrastructure, implying an estimated expenditure of around $200 billion this year.
What Miles is trying to suggest here is that artificial intelligence can be used in a wide range of industries. From customers (covering individuals and private as well as public), to businesses and B2B fields, AI’s broad application serves as a good story for retail investors.
The top-notch example of AI’s success in another industry is the successful crypto focused sectors such as meme coins and gaming. Furthermore, Miles further delves into AI and cryptocurrency intersections with highlights of promising subsectors:
Starting with computing, Miles points out that DePIN decentralized networks are designed to address the high power demand for training AI models to offer cheaper computing powers.
Moreover, decentralized marketplaces like Bittensor in DePIN give opportunities for a cooperative environment for AI research where users are rewarded for adding datasets and running AI models.
Thirdly, amid increasing deepfake frauds, cryptocurrency solutions can identity stamp data origins, devices as well as humans behind them thus protecting against impersonation crimes. Consequently, verification of data and media comes first.
Deutscher says the fourth point is the growing market of AI agents that automate tasks for their owners, creating economic value by handling operations such as trading and monitoring.
Lastly, he highlights the importance of storage in the AI pipeline, Deutscher notes that decentralized storage projects like $FIL offer secure storage at a fraction of the cost of traditional counterparts.
Debunking ‘AI Coin’ Hype
Deutscher addresses the prevalence of “AI coins”, a subjectively new term that has garnered a lot of hype. The truth is – “Most AI coins aren’t actually AI.” He thereby advises that people should be focusing on differentiating between speculative vehicles and protocols genuinely advancing AI technology. He expresses a long-term interest in projects building fundamental infrastructure for AI development.
Deutscher shares his two-fold strategy for trading AI coins, combining short-term trades around major events with a focus on fundamental infrastructure plays like DePIN for the long term. He recommends projects like Aethir, Allora, AITProtocol, GPU.net, Gaimin.Io, and PAAL AI as potential gems in the evolving AI crypto landscape.
Miles Deutscher not only highlights the benefits of AI merging with crypto but also focuses on finding out the truth behind the largely hyped “AI coins”. As AI continues to evolve and merge with the crypto sphere, Deutscher’s insights offer a helpful glimpse into the opportunities and challenges within this new hybrid sector.
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