Welcome to The Bitcoin Street Journal Bitcoin Market Update podcast! Stay up-to-date on the latest live bitcoin market updates, technical analysis, and Bitcoin (BTC) price, market capitalization, and market supply. Don’t wait until it’s too late – before the government and central banks get hold of your bitcoin, make sure you’re informed by listening to our daily podcast. Subscribe now to stay in the know! In today’s episode, we’ll cover OpenAI’s call for government regulation to prevent disastrous outcomes from the advent of superintelligent AI, including a balance between control and innovation, an international authority for AI system inspections and deployment, and maintaining technical capability over superintelligence. Additionally, we’ll discuss the increasing number of ‘buy-and-hold’ Bitcoin investors, with 68% of Bitcoin remaining unmoved in a year and Wholecoiner addresses topping 1 million.
Are you ready for the advent of a superintelligent AI? Well, brace yourself because according to a blog post co-authored by the CEO of OpenAI, Sam Altman, OpenAI President Greg Brockman, and OpenAI Chief Scientist Ilya Sutskever, it’s going to happen sooner than you think. But, with this development, there comes a heavy responsibility to regulate the technology to prevent potentially catastrophic scenarios. During a recent testimony before Congress, Altman raised concerns about the need for governance of superintelligence and outlined three pillars crucial for strategic future planning. First, there must be a balance between control and innovation. Second, an “international authority” should be tasked with regulating AI systems. Lastly, there needs to be “technical capability” to maintain control over superintelligence and keep it “safe.” OpenAI believes that if these points are addressed, then the potential of AI can be fully harnessed for good. However, the challenge of keeping the superintelligence aligned with its trainers’ intentions and preventing a catastrophic explosion in AI capabilities cannot be ignored. In fact, OpenAI warns about the potentially catastrophic impact that uncontrolled development of AI models could have on future societies. Now more than ever, a proactive approach toward AI governance and regulation is necessary. OpenAI’s post has caught the attention of regulators around the world, highlighting the need for a global social agreement that maintains safety and smooth integration of these systems with society. With the technology expanding at a rapid pace, something must be done to ensure that the technical capability to keep a superintelligent AI safe is achieved.
Bitcoin has been making headlines once again. Despite its volatility, key stakeholders are still invested in it. This week, Bitcoin recorded a modest 2% gain. While it continues to remain below key levels, there is a growing trend of investors holding Bitcoin as a long-term asset. According to Bitfinex’s latest report, over 68% of the total Bitcoin supply has not moved in over a year. This trend of long-term accumulation demonstrates a changing attitude towards Bitcoin ownership. Moreover, the number of ‘Wholecoiner’ addresses has crossed the one million mark this week. Wholecoiners can be defined as entities or individuals possessing at least one entire Bitcoin and they make up a substantial segment of the Bitcoin community. It’s interesting to note that there has been almost no notable reversal in upward trajectory of 1-BTC wallets ever since mid-2021. Despite the current market downturn, long-term Bitcoin holders remain undeterred. The increasing trend of long-term holding, coupled with the rise of Wholecoiners and the benefit to miners from increased transaction fees, paints a picture of a resilient Bitcoin ecosystem. Bitfinex believes that Bitcoin could be in the early stages of a bull market. It’s interesting to see the shift in the investors’ mindset towards Bitcoin being a buy-and-hold asset. Despite the fluctuations in the market, long-term holders remain committed, and with the number of Wholecoiners increasing, Bitcoin is only becoming more resilient over time. It’s certainly worth keeping an eye on.
On today’s episode, we discussed the need for government regulation as OpenAI warns of the near advent of superintelligent AI, and how Bitcoin is increasingly being used as a “buy-and-hold” asset with over 68% being unmoved in a year, with ‘Wholecoiner’ addresses surpassing 1 million. Thanks for listening to today’s episode, I’ll see you guys at the next one and don’t forget to subscribe!