- Is AI four times larger than blockchain and distributed ledger technology?
- JP Morgan found that 72% of traders had no plans to trade crypto.
JP Morgan, the global financial giant, surveyed 835 institutional investors in over 60 marketplaces. The survey results were about the usage and adoption of AI and machine learning.
JP Morgan said that Artificial Intelligence and machine learning would be the most influential technology in shaping the future of trading in the coming three years. It is said that the craze of AI is four times larger than blockchain and distributed ledger technology.
JP Morgan e-Trading Edit report was conducted in January 2023, in which 835 institutional investors participated from 60 global markets. The year-to-year sentiment evaluation aims to reveal “upcoming trends and the most hotly debated topics.”
The crypto market was battling excessive volatility for a few months, but since January 1, the market has positively responded upwards. Prices of giant crypto assets have gained 10-15% in just a few days.
JP Morgan found that 72% of traders “have no plans to trade crypto or digital currencies,” and another 14% have no plans to trade within five years.
The survey report notes that “Crypto and digital coins, commodities and credit are predicted to have the biggest increase in trading volume over the next year,” and around 64% of their activity will be in the crypto space by 2024.
Nevertheless, the survey discovered traders were unanimous in their belief that electronic trading would continue to expand, and they also expected turbulent weather ahead.
The most important that was answered in the survey was which potential developments will have the greatest impact on the market in 2023; the most common answer was recession risk which was answered by 30%, and inflation was the second most preferred option chosen by the participants which received 26% votes, geopolitical conflict was ranked third with 19% votes.
ChatGPT, a chatbot launched by OpenAI and after its launch, some started praising the technology. Others began to criticize it and things that artificially are a bane in the current era.
Justin Sun, the founder of Tron, announced a plan for Tron blockchain in collaboration with the artificial intelligence system ChatGPT on February 4, 2023.
Sun tweeted about plans to integrate Tron blockchain and AI systems like ChatGPT and OpenAI for a decentralized payment framework.
Sun elaborated, “The framework covers the smart contract system on the chain, the payment layer protocol, the underlying calling SDK, and the AI payment gateway. Using the smart contract system to store user questions and AI results on the decentralized #BitTorrent file storage system #BTFS.”
In the coming times, many other collaborative projects can be seen in the crypto industry. The advancement of Artificial Intelligence could be beneficial for all sorts of industries.
AI can be used by automating the process of analyzing data. AI can help investors make more informed decisions and reduce their risk of loss.
At press time, Bitcoin, the crypto giant, was trading at $22,834.05 with a 24-hour trading volume of $22,109,009,743. Since the beginning of 2023, BTC prices have soared by around 48%.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/06/jpmorgan-report-insinuates-shifting-trend-from-blockchain-to-ai/