The CEO of the Galaxy Digital Mike Novogratz, informed investors he is shocked at the amount of regulatory focus on cryptocurrency rather than the Artificial Intelligence (AI), a technology he says is causing identity crises.
The digital investment CEO, explained that the U.S. government had its focus “completely upside-down,” stating that AI posed more threat to the society than crypto
He continued stating,“When I think about AI, it shocks me that we’re talking so much about crypto regulation and nothing about AI regulation.”
Furthermore he acknowledged the challenges encountered by crypto recently but remained optimistic about it potential, “Crypto and blockchain is going to have a huge role in that. It is dumb to think that we should cache this industry because of Sam Bankman-Fried in his Bermuda shorts, period,” he noted.
The digital asset CEO also argued that his concern is rooted in his fear that artificial intelligence will start an identity crisis with little regard which pose a threat. “In lots of ways, one of the best use cases for crypto is going to be identity around AI, because pretty soon you’re going to get a fake Mike Novogratz, hopefully with hair, how do you prove identity in a world like that?”
However, Novogratz remain optimistic about the future of cryptocurrency in the finance sector despite the challenges it’s facing recently,
“What’s promising, and what has driven crypto broadly this year, is two things. One, all the selling that needed to get done got done, right? There was so much bad news, if you had to sell, panic selling and just the nervousness of ‘Oh my God! This thing could go to zero,’ and people were in sheer panic, you had seller’s exhaustion. But, you’ve had Asia reopen,” Novogratz remarked , adding, “And you’re seeing retail, who is just resilient, they believe in this space, and it’s one of the things that drives me crazy with our politicians who try to be paternalistic and say, ‘Oh, we need to protect retail.”