American millionaire entrepreneur Balaji Srinivasan recently shared his insights on the future of currency in the era of artificial intelligence (AI) and robotics. He predicts that cryptocurrency will emerge as a new form of money, complementing the digital abundance brought about by AI.
Srinivasan highlights the unique aspect of cryptocurrencies in a world where AI tools can mimic human behavior – their provable rarity. This rarity, he explains, can serve as a verification of human identity in a world dominated by AI.
Money, according to Srinivasan, acts as a connector between different economic agents. Even though individuals may not need to pay for the movement of their own hands or robots, renting a robot from another person will still require money.
Despite the advancements in automation and abundance due to AI and robotics, Srinivasan argues that scarcity will not completely vanish. For instance, while stationary home robots like washing machines may be replaced by mobile versions, the limited resources needed to produce these robots and power AI data centers will remain scarce, particularly in regions like China and Asia.
Srinivasan emphasizes that in the age of AI, the most crucial form of scarcity will be private keys to control robots. As web3 platforms like Bitcoin and Ethereum offer superior security compared to web2 systems, these keys will also function as cryptocurrencies.
Looking ahead, Srinivasan envisions a future where AI leads to digital abundance, but not everything becomes abundant. Cryptocurrencies, representing digital rarity, will play a crucial role in balancing this abundance. In his words, “After AI, money is crypto.”
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