Galaxy Digital held its 2022 Quarterly Shareholder Update Conference Call on March 28, when CEO Mike Novogratz addressed a variety of issues affecting the industry.
From the collapse of the first crypto exchange FTX to the US banking crisis, Novogratz provides insight into the current state of the market and the challenges it faces. With regulatory pressures mounting, the call provided an opportunity for shareholders to gain valuable insight into the company’s strategic direction.
But perhaps one of the best highlights of the phone, as evidence transcripti.e. Novogratz expressed surprise at the level of regulatory oversight placed on the cryptocurrency industry, rather than on artificial intelligence (AI).
He emphasized that the US government has “absolutely” priority, noting that AI poses a greater threat to society than digital assets.
Despite the challenges facing the industry, Novogratz remains optimistic about the future of cryptocurrencies and their potential to transform the financial world.
Galaxy Digital CEO Mike Novogratz. Image: Reuters/Lucas Jackson/File Photo
Galaxy Digital CEO Raises Danger of Deep Fakes
On the phone, Novogratz raised concerns about potential danger of deep fake. With advances in AI technology making it easier to create convincingly fake videos and audio recordings, Novogratz warns that this could have serious implications for individuals, businesses, and society as a whole.
CEO said.
“When I think about AI, I’m surprised that we talk a lot about crypto regulation and nothing about AI regulation.”
According to Novogratz, one of the most promising applications for cryptocurrency lies in the field of identity verification for AI.
The CEO of Galaxy Digital emphasized that the deep fake threat is becoming increasingly difficult to distinguish from the real one as a real concern, and joked that “soon you will have a fake Mike Novogratz, please wear hair.”
In addition, Novogratz commented on the unfair focus of US regulators on the cryptocurrency industry after the collapse of FTX.
He added:
“It’s stupid to think we have to save this industry because Sam Bankman-Fried is wearing Bermuda shorts.”
Image: PMCA Online
Blockchain can eliminate fear of AI: Novogratz
Despite expressing concerns about AI, Novogratz remains optimistic about the potential of blockchain-based applications to help address some of the challenges posed by AI.
Indeed, many experts believe that blockchain-based applications can play an important role in alleviating some of these problems.
By providing a secure and decentralized way to store and share data, blockchain technology can help ensure that AI algorithms are transparent, accountable, and trustworthy. This can help address concerns about bias, privacy, and potential abuse of AI.
In addition, blockchain-based smart contracts can be used to automate complex tasks, reducing the need for human intervention and reducing the risk of errors.
With the potential to revolutionize various industries, it seems clear that blockchain technology will play an increasingly important role in shaping the future of AI.
Crypto total market cap currently at $1.15 trillion on the daily chart at TradingView.com
Galaxy Digital Bounces Back
During the call, the big boss of Galaxy Digital expressed his confidence in the continued growth of the cryptocurrency market in the remaining months of 2023.
The latest financial report on Galaxy’s earnings is 12/31/2019. return to profit after posting a loss of $1 billion the previous year.
-Featured image from California Business Journal