Crypto and Artificial Intelligence Could be a $20 Trillion Megatrend, Bitwise Says

BY Coindesk | ECONOMIC | 06/12/24 07:55 AM EDT By Will Canny
  • AI and crypto combined could add a total of $20 trillion to the global economy by 2030, the report said.
  • Bitwise notes that bitcoin miners have all the resources that AI firms need.
  • Crypto (CRCW) and AI have the potential to intersect in other areas other than mining such as information validation and virtual assistants.

Artificial intelligence (AI) and crypto could add a combined $20 trillion to the global economy by 2030, asset manager Bitwise said in a report on Wednesday.

?The intersection of AI and crypto is going to be even bigger than people imagine,? senior crypto research analyst Juan Leon wrote, adding that the ?two industries could add a collective $20 trillion to global gross domestic product (GDP) by 2030.?

?The race for AI supremacy is creating an unprecedented shortage of data centers, AI chips, and access to electricity,? Leon said, noting that the four largest cloud companies are predicted to spend about $200 billion on data center build-outs in 2025, mainly to service growing demand from AI companies.

Bitcoin {{BTC}} miners have all the resources that AI firms need, including powerful chips, hi-tech cooling systems and accompanying infrastructure, the report said, and CoreWeave?s takeover offer last week for miner Core Scientific (CORZ) is evidence of this demand. Core Scientific (CORZ) also announced the largest miner/AI partnership to date, with a $3.5 billion deal to host CoreWeaves?s AI related services. Bitwise notes that Hut 8 (HUT) , Iris Energy (IREN) and other miners have also announced AI-hosting initiatives this year.

Crypto (CRCW) and AI have the potential to intersect in other areas other than just bitcoin mining and these include information validation and virtual assistants, the report added.

Read more: Bitcoin Miners With Attractive Power Contracts Are Potential M&A Targets, JPMorgan Says

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