Artificial Intelligence (AI) will have a way more critical impact on our future than blockchain, according to Dusan Stojanovic, Founder and Director at blockchain VC firm True Global Ventures. Therefore, regulating AI is more critical than regulating the blockchain industry.
“The success of ChatGPT and similar services has driven enormous user adoption,” he said in an interview with e27.
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ChatGPT now has 100 million weekly active users and nearly 1.5 billion monthly visitors. The US has the highest number (14.82 per cent) of ChatGPT users, followed by India (8.18 per cent). A quarter of companies, including SMEs, have saved roughly US$50,000 to US$70,000 using ChatGPT.
Right now, only a few players are developing and launching AI models for the masses — around 15 in the US, 11 in China, and 1-2 in other developed nations, limiting access to the mainstream.
“The AI industry needs to have a more open playfield. So, regulation is required as soon as possible, and it should be the top priority for any country, starting with the US, because AI will have a more critical impact on our future than blockchain,” he said.
In his opinion, the recent turmoil within Open AI (parent of ChatGPT), with Sam Altman being fired and reappointed, shows how difficult it is to marry research with product development. Altman’s firing/resignation looks like the strangest case since Steve Jobs was fired by the Apple board in 1985 after a power struggle with the board.
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According to True Global Ventures’s General Partner Beatrice Lion, the institutional consumer demand for exposure to Bitcoin is accelerating the need for regulation. Bitcoin will be one of the most robust use cases for blockchain technology since it is entirely decentralised, and there is nobody to make a legal claim against.
“We believe Bitcoin, the oldest use case of blockchain and decentralisation, will be among the biggest winners in 2023 and beyond. As the demand for Bitcoin increases with spot Bitcoin ETFs expected to be approved in early 2024 and the new supply of Bitcoin halves in April 2024 (Bitcoin halving occurs every four years and cuts the rate at which new Bitcoins are released in circulation by half), we are optimistic about Bitcoin price increases,” she said.
“In this respect, with all other legal battles between regulators and the industry, Bitcoin is and will be untouchable, so the limited downside risk is even more apparent now than it was at the beginning of the year. At the same time, traditional finance is taking over from pure players in terms of market share. The CME Group, which recently took the top spot on the list of the biggest bitcoin (BTC) futures exchanges of the world, replaced Binance for the first time in two years,” she elaborated.
Stojanovic believes that governments will play a crucial role in promoting investments in metaverse ecosystems to avoid being left behind. “One recent concrete example is in Saudi Arabia, where the Neom Investment Fund created a strategic partnership and signed a term sheet investing US$50 million in Animoca Brands, one of our portfolio companies. Neom will apply Metaverse and blockchain technologies to their vision of a US$500 billion mega smart city.”
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Founded by an international group of angel investors, True Global Ventures is a distributed ledger technology (DLT) equity fund. It targets areas like legal AI, education AI, revenue AI, and code-related AI, where it sees that Generative AI has a material impact on productivity and new revenue streams. The fund covers 20 cities in North America, Europe and Asia.
True Global Ventures has invested in companies, including Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled, and Dedoco.
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