{"id":11842,"date":"2023-05-06T07:00:53","date_gmt":"2023-05-06T07:00:53","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11842"},"modified":"2023-05-06T07:00:54","modified_gmt":"2023-05-06T07:00:54","slug":"hyperinflation-and-bitcoin-wagers-ai-replacing-first-jobs-and-more","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11842","title":{"rendered":"Hyperinflation and Bitcoin wagers, AI replacing first jobs and more"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>United States inflation and how it might affect the price of Bitcoin (BTC) are two of the top concerns on investors\u2019 minds around the world. To illustrate, one prominent crypto personality bet big bucks on the future of the U.S. economy: the former Coinbase executive recently paid out $1.5 million to settle a Twitter wager about possible hyperinflation in the American economy.<\/p>\n<p>The U.S. may not be experiencing hyperinflation, but the possibility of prices going out of control seems to concern the Federal Reserve. The Fed raised interest rates by a quarter-point on May 3 \u2014 to the highest level in 16 years \u2014 pushing the target range for its benchmark from 5% to 5.25%. <\/p>\n<p>As inflation pressures continue, Bitcoin is still seen as a safe haven for many, with crypto firms weighing on the digital currency to fight back inflation and turmoil in mainstream finance.<\/p>\n<p>This week\u2019s Crypto Biz explores the latest wild wager on Bitcoin prices, inflation fears and the jobs that artificial intelligence may soon replace.<\/p>\n<h3>Balaji pays out his crazy $1 million Bitcoin bet, 97% under price target<\/h3>\n<p>A closely watched wager between former Coinbase chief technology officer Balaji Srinivasan and pseudonymous Twitter user James Medlock has been closed, with Srinivasan paying $1.5 million to settle. The wager commenced on March 17 when Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation. A few hours later, the former Coinbase executive accepted the bet, claiming that an impending crisis would lead to the deflation of the U.S. dollar and, thus, to a hyperinflation scenario, taking the BTC price to $1 million. As part of the deal, Srinivasan paid Medlock $500,000, donated $500,000 to Bitcoin core developers and gave an additional $500,000 to the nonprofit charity, Give Directly.<\/p>\n<p lang=\"en\" dir=\"ltr\">I just burned a million to tell you they&#8217;re printing trillions. pic.twitter.com\/pX5622rjUO<\/p>\n<p>\u2014 Balaji (@balajis) May 2, 2023<\/p>\n<h3>MicroStrategy\u2019s Bitcoin conviction \u2018strong\u2019 as it posts Q1 profit<\/h3>\n<p>The Bitcoin investment strategy is as strong as ever at business intelligence platform MicroStrategy after the company posted its first quarterly profit since 2020. The firm returned to the green with a profit of $94 million, primarily attributed to a one-time income tax benefit of $453.2 million. The firm further reduced its leverage by repaying a $161 million Bitcoin-backed loan from the now-collapsed Silverage Bank. The quarterly results were also impacted by a revenue rise of 2.2% from last year to $121.9 million. MicroStrategy\u2019s CEO Phong Lee said the firm would continue to execute its dual strategy of growing business intelligence software and acquiring Bitcoin. The firm believes its Bitcoin thesis is a \u201cpretty good way to outperform the market.\u201d\u00a0<\/p>\n<p lang=\"en\" dir=\"ltr\">Since @MicroStrategy adopted a #Bitcoin Strategy: pic.twitter.com\/rrYTbvOkUS<\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) May 1, 2023<\/p>\n<h3>Coinbase stock will be \u2018weighed down\u2019 until US rules are clear: Citi<\/h3>\n<p>Coinbase\u2019s stock price will continue to be \u201cweighed down\u201d until regulators establish the legal \u201crules of the road\u201d in the United States, Citi analysts say. The bank downgraded shares of the crypto exchange from \u201cbuy\u201d to \u201cneutral\u201d and lowered its price target, citing \u201ctoo many unknowns\u201d as the company battles it out with regulators. However, bearish sentiment on Coinbase\u2019s stock is not stopping investment firm ARK Invest from increasing its exposure to the crypto exchange. ARK purchased 168,869 Coinbase shares for its exchange-traded funds on May 1, worth nearly $8.5 million. In April, ARK bagged 304,300 shares worth $17.5 million. Previously, the firm bought 2.4 million shares in March for about $117 million.<\/p>\n<p>Citi&#8217;s analysis was published prior to Coinbase&#8217;s Q1 earnings report\u00a0released on May 4.<\/p>\n<h3>7,800 jobs at IBM could be replaced by AI within years, CEO suggests<\/h3>\n<p>IBM is expecting to put a \u201cpause\u201d on hiring for \u201cback-office\u201d roles that could be potentially automated by artificial intelligence instead. According to the company CEO, Arvind Krishna, back-office positions, such as those in human resources and accounting departments, will likely be the first to be automated by AI. Nearly 30% of these positions will \u201ceasily\u201d be replaced by AI over five years, claimed Krishna in an interview. IBM employs 282,000 employees globally, according to LinkedIn data. Non-customer-facing staff sits at nearly 26,000.\u00a0<\/p>\n<p lang=\"en\" dir=\"ltr\">Dropbox: Laying off 500 people and replacing them with AI<\/p>\n<p>IBM: Pausing hiring for ~7,800 roles that could be done by AI<\/p>\n<p>AI is already replacing jobs<\/p>\n<p>\u2014 Genevieve Roch-Decter, CFA (@GRDecter) May 1, 2023<\/p>\n<h3>Before you go: The average person\u2019s wealth will be \u2018completely destroyed by inflation,&#8217; says Arthur Hayes<\/h3>\n<p>The majority of people will have their wealth progressively eaten away by the devaluation of money, according to Arthur Hayes, co-founder and former CEO of crypto derivatives exchange BitMEX. He believes the world\u2019s largest economies will be forced to inflate away the sizeable public debt accumulated in the past years through money printing. With long-term inflation on the horizon, Hayes\u2019s investment thesis focuses on preserving wealth through investing in digital assets. You can watch his exclusive interview with Cointelegraph on our YouTube channel.<\/p>\n<p><em>Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.<\/em><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/crypto-biz-hyperinflation-and-bitcoin-wagers-ai-replacing-first-jobs-and-more\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United States inflation and how it might affect the price of Bitcoin (BTC) are two of the top concerns on investors\u2019 minds around the world. To illustrate, one prominent crypto personality bet big bucks on the future of the U.S. economy: the former Coinbase executive recently paid out $1.5 million to settle a Twitter wager [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11842"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11842\/revisions"}],"predecessor-version":[{"id":11844,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11842\/revisions\/11844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11843"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}