Bitget CEO "AI, not a competitor to cryptocurrency but a complementary technology"

▲ Artificial Intelligence (AI) stocks, Bitcoin (BTC)/ChatGPT generated image

Gracy Chen, CEO of Bitget, defined artificial intelligence (AI) not as a competitor to the cryptocurrency industry but as a complementary technology, predicting that the spread of AI will accelerate the adoption of cryptocurrencies. Analysis suggests that the cryptocurrency industry's entry into the mainstream is accelerating, driven by the US cryptocurrency market structure bill and the expansion of tokenized assets.

According to Benzinga, a cryptocurrency specialized media outlet, on May 12 (local time), CEO Chen appeared on CNBC Squawk Box Asia and stated that AI is not a technology that replaces cryptocurrency but a complement that expands its industrial utility. He explained that AI technology can increase the efficiency of cryptocurrency services and improve user accessibility, thereby accelerating digital asset adoption.

Chen also emphasized the importance of the US cryptocurrency market structure bill. He assessed that if the bill passes, cryptocurrency exchanges looking to enter the US market could more simply navigate the state-by-state regulatory requirements. However, he warned that if the bill is not approved before summer, discussions could be further delayed due to political tensions ahead of the midterm elections.

Benzinga reported that the US Senate Banking Committee released the 309-page text of the US cryptocurrency market structure bill. The draft maintained provisions for stablecoin yield restrictions and protections for decentralized finance developers. The bill includes provisions for the Securities and Exchange Commission to continue overseeing most token sales, and for the Commodity Futures Trading Commission to govern most secondary market cryptocurrency transactions.

Growth prospects for the tokenization market were also presented. Chen predicted that tokenized assets, currently at about 0.5-1% of the total market, could expand to approximately 10% across various asset classes such as private credit, government bonds, stocks, and real estate by 2030. He identified the increased adoption of stablecoins and the interest from major institutions such as BlackRock, Nasdaq, and the New York Stock Exchange (NYSE) as key catalysts.

Benzinga also mentioned examples such as BlackRock applying for two Ethereum (ETH)-based tokenized funds, and Ondo Finance completing its first cross-border tokenized government bond redemption on the XRP Ledger. As AI, cryptocurrencies, tokenized assets, and mainstream regulatory frameworks align simultaneously, the scope of digital asset market utilization is expanding from transaction-centric to financial infrastructure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*