This Altcoin Has the Potential to Rise 1700 Percent? This is what the founder of Bitmex said

Arthur Hayes, co-founder of BitMEX, expressed positive sentiment towards crypto or altcoin projects in the form of decentralized data storage, arguing that demand for censorship-resistant artificial intelligence (AI) infrastructure will continue to grow in the future.

Hayes said in a new blog post that AI technology “requires decentralization” for the two things it requires: computing power and secure, easily accessible cloud storage.

Bitmex Founder: Decentralized Data Storage Altcoin Will Surge

According to the founder of BitMEX, the altcoin in the form of  decentralized file storage network Filecoin (FIL), which is a “must-have for the growing AI economy,” could see an increase of around 1,730 percent from current levels if the current price-to-capacity ratio rises, quoted from

The FIL altcoin is currently worth around US$3.24 with a decrease of around 98.6 percent from its record high of US$236.24 reached in April 2021.

Meanwhile, Filecoin's price to capacity ratio has fallen from US$19.45 per EiB in April 2021 to the current value of around US$0.27 per EiB, or a decrease of around 99 percent.

The BitMEX founder said his bullish theory about Filecoin is also based on the idea that central banks will soon be forced to ease monetary policy, resulting in a “fiat liquidity boom.”

“AI is experiencing a moment of rapid adoption growth…,” says Hayes.

Equipped with free money in the tens of trillions, everyone from politicians, to hedge fund gentlemen from around the world, to people in the venture capital tech world will do everything they can to pour money into anything related to AI indirectly straight away," he added. [az]