Cathie Wood Envisions Bitcoin and AI Synergy Revolutionizing Business

According to Cathie Wood, the CEO and creator of ARK Invest, the combination of artificial intelligence (AI) and Bitcoin (BTC) may significantly reduce expenses and boost productivity. Through the social media site X, Wood offered her thoughts on the possible effects of this confluence, highlighting the potentially revolutionary possibilities for businesses.

AI and Digital Assets

Cathie believes that the synergy between Bitcoin and AI has the power to revolutionize corporate operations. She envisions a scenario where this convergence could lead to a significant reduction in costs and a surge in productivity. In her own words, “The convergence between Bitcoin and AI could transform the way companies organize, causing a collapse in costs and an explosion in productivity. I was blown away by the possibilities these brilliant entrepreneurs are creating.”

AI’s Disruptive Potential

A paper on the disruptive potential of artificial intelligence was published by ARK last month. According to the paper, chatbots like OpenAI’s ChatGPT are becoming more and more effective, and they may eventually rival well-established online stores like the Apple App Store and Google’s search engine.

According to our analysis, AI may cause major market incumbents’ once-reliable, cash-cow firms to fail. By disrupting the App Store and Google Search, respectively, OpenAI’s ChatGPT might pose a challenge to Alphabet and Apple.

The paper also highlighted how AI is adaptable when engaging with outside data and services, allowing chatbots to execute real-time online searches, enable supermarket orders, and book flights, hotels, or rental vehicles at the best prices available worldwide.

Productivity Revolution on the Horizon

According to ARK’s research, AI software may increase knowledge workers’ output globally by almost four times by 2030. Based on a $32 trillion knowledge worker pay base, this increase in productivity has the potential to reduce global costs by about 50%.

Efficient Payments and Tax Elimination

Wood believes that the fusion of AI and Bitcoin will revolutionize payment systems and make them far more effective. She draws attention to the possibility of getting rid of the taxes paid on card-based transactions, which can run from 2.5% to 4%, aside from cash purchases. The elimination of conventional middlemen due to the convergence of AI and Bitcoin may lower these transaction taxes.

“One of the biggest opportunities out there is to eliminate a tax on all purchases done through the traditional financial system. There’s a tax on those, unless you’re using cash, and the tax is somewhere between 2.5% and 4%. That’s a pretty big tax in terms of using debit and credit cards and other intermediaries – these intermediaries are going to be disintermediated by the convergence between Bitcoin and artificial intelligence.”

The potential for innovation and efficiency advantages in several industries becomes more apparent as Cathie Wood imagines a future where Bitcoin and AI unite to alter businesses.