David Marcus, former president of PayPal, recently made a compelling argument for Bitcoin as the ideal currency for the future of AI. Speaking at the Bitcoin for Corporations event, Marcus emphasized the similarities between AI translation services, like Google, and Bitcoin as a neutral currency on the internet. His remarks generated excitement and speculation within the crypto community.
Marcus believes that Bitcoin’s unique qualities make it well-suited to be the primary currency for AI transactions. Its impartial and universal nature makes it the ideal choice. Marcus also highlighted the efficiency and near real-time transactions offered by Bitcoin’s technology.
Drawing a parallel between AI translation services and Bitcoin, Marcus suggested that Bitcoin could act as a common currency for AI agents to conduct business with each other. This further strengthens Bitcoin’s potential for the future. However, it’s important to acknowledge the volatility of Bitcoin’s price, which has been evident during the reaccumulation phase after halving.
While Marcus’s predictions have instilled hope in the long-term effectiveness of Bitcoin, traders and investors remain cautious due to recent price volatility. Uncertainty continues to surround the cryptocurrency market, particularly in terms of short-term profitability.
Despite the skepticism, analysts are considering the possibility of a hype-driven parabolic uptrend in Bitcoin’s price. Marcus’s endorsement of Bitcoin as the digital currency for AI transactions has renewed confidence in its prospects. Bitcoin’s resilience, combined with its integration with AI, can solidify its popularity and pave the way for further advancements. Although short-term price fluctuations may persist, a positive long-term outlook for Bitcoin is feasible, given its utility and potential adoption in various industries.
However, not all experts share the same optimism. Analyst Peter Brandt, a chart expert, warns of a potential 50% decline in Bitcoin’s value. Brandt accurately forecasted a 50% drop in 2018, which earned him credibility. He believes that there is a 25% chance that Bitcoin has already reached its peak for this cycle.
Brandt bases his analysis on exponential decay, noting that each bull run has diminished by about 20% compared to the previous cycle. He suggests that the current market may have completed its bullish journey and expects the price to potentially drop to $72,823 in March. While this anticipation indicates a possible decline to the mid-$30,000 price level, Brandt also sees an upside, stating that the decline may have a positive impact from a long-term perspective.
Bitcoin reached a new peak of $73,835 in March but has since experienced a decline. The cryptocurrency’s inability to sustain its upward momentum, coupled with concerns about hawkish monetary policies and inflation, has contributed to recent price decreases. As of now, Bitcoin is trading around $58,597, showing a slight increase of 1.25% in the last 24 hours.