In a recently published tweet, cryptocurrency analyst Miles Deutscher touched on the AI topic, sharing his predictions as to how artificial intelligence will continue to expand particularly within the crypto space. He also named an important metric by which DOGE meme coin beats the entire AI crypto sector.
DOGE has left all AI cryptos behind, “big secret” about AI coins unveiled
The analyst made a point of stressing that he expects artificial intelligence and products that will be powered by it in the future to become one of the biggest bubbles in the history of financial markets. So far, it is only beginning, he tweeted and then he pointed out that the market capitalization of Dogecoin is bigger than the entire market of AI cryptocurrencies put together.
While expecting it to be a financial bubble, Deutscher still mentioned that this sector offers “a trillion dollar opportunity.”
AI will be one of the biggest bubbles in financial history.
But it’s just getting started.
Even $DOGE’s market cap is bigger than the ENTIRE AI crypto sector.
This is a trillion dollar opportunity, and you are STILL early.
🧵: My ULTIMATE crypto x AI guide (+ top picks).👇
— Miles Deutscher (@milesdeutscher) March 8, 2024
Besides, he believes that AI coins have been “great proxies into major AI events and conferences,” and he expects them to remain so in the near future too.
The analyst also revealed that he does not believe all “AI cryptocurrencies” have any actual AI tech in them. Instead, AI here is nothing more than a buzzword in order to generate a lot of hype around these coins.
For this reason, “AI coins” have been great proxies into major AI events and conferences, and will likely be for the foreseeable future.
Here’s the truth, however: Most AI coins aren’t actually AI. They are simply leveraging AI as a buzzword to generate hype.
— Miles Deutscher (@milesdeutscher) March 8, 2024
According to Miles Deutscher’s data, AI (which he believes to be the most disruptive technological achievement of this century) is currently ranked merely 20th by sector size, and its overall value is slightly less than Dogecoin’s market capitalization figure.
Within the next few years, Deutscher believes, AI will spring up to the 5-0 top sector area.
AI-based crypto scams expand their reach
While AI tech keeps making impressive daily progress, it is not only crypto developers that are taking advantage of it but also cryptocurrency scammers. There have been many cases when con artists have generated deepfake videos featuring notable leaders of the crypto space. Among them are Ripple CEO Brad Garlinghouse and the founder of the Cardano blockchain Charles Hoskinson.
The similarity to the real personas in these videos are striking, and Hoskinson stated that within the next few years AI-generated deepfakes will become so sophisticated that it will be impossible to tell a scam fake from reality.
