Will artificial intelligence save cryptocurrencies?
It is admittedly a strange question — surely two scary technologies are more dangerous than one! — and yet the future of financial innovation may depend on it. The question is all the more pressing with the ongoing collapse of FTX, a major crypto exchange. AI is relevant because it holds the potential for making cryptocurrencies workable for the vast majority of Americans who do not wish to bother with the intricacies of a crypto wallet.
The history of crypto is replete with failures of the centralized institutions, not the core decentralized crypto mechanisms. Mt. Gox was a crypto exchange exchange based in Japan that went under in 2014. The failure of FTX, which had at one point a valuation of $32 billion, is now part of this history.
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