Veteran investor Tom Lee believes that the convergence of AI and crypto is in sight, creating another strong use case for digital assets.
In an interview at the Ondo Summit, the Fundstrat co-founder says the blockchain may serve as a strong security layer for AI operating in the real world.
According to Lee, owners of robots and self-driving cars will have to sign off on approved keys to deliver instructions to their machines, preventing hacks like rogue updates or malicious overrides.
“And there’s one more thing I want to add that is a possible catalyst. One of the things that I’m sure you guys and your analysts who write about AI are talking about is that as we start to have real-world AI, like robots and different things operating in what they call the wild, that you’re going to want fidelity or sovereignty or proof that these instructions are correct. Because otherwise, someone will just hack into these things and drive your car into your neighbor’s house. And a lot of that is probably going to end up on some blockchain.”
Lee adds that the same is true for machines based on open-source projects.
“And if it’s an open-source project, it’ll end up on a public blockchain. So to me, that’s another use of blockchain and crypto that hasn’t existed at any time in the last four cycles. And I think that’s another potential catalyst as well.”
The Fundstrat executive’s comments come as Bitcoin (BTC) and crypto continue to witness one sell-off event after another. On Tuesday, BTC dropped below $73,000, representing an over 40% decline from its all-time high of nearly $127,000.
At time of publishing, Bitcoin is valued at $76,734, while the entire crypto market cap is worth $2.566 trillion.
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