BitcoinBTC and cryptocurrencies have swung wildly this week as traders panic over huge outflows from Grayscale’s spot bitcoin exchange-traded fund (ETF)—with some predicting this could be just the beginning.
The bitcoin price, after rocketing to almost $50,000 per bitcoin on the back of spot bitcoin ETF hype earlier this month has crashed back, alongside a wild prediction that bitcoin’s mysterious creator Satoshi Nakamoto could “erase” bitcoin.
Now, as the market braces for an Elon Musk bombshell, a cofounder of secretive data analysis company Palantir Joe Lonsdale has said he thinks “artificial intelligence agents” are coming for crypto, predicting they could be a “very important buyer.”
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“There’s one type of buyer that could be very important here: AI agents,” Lonsdale, the managing partner at U.S.-based venture capital company 8VC, told CNBC. “[They’re] going to start doing a lot of things in our economy and for AI agents to coordinate with incentive systems they’re probably going to use crypto.
These AI agents “might use” bitcoin, ethereum, XRPXRP or solana, Lonsdale said, adding: “They’re all coordinated.”
“You could see crypto do very well … if we’re in a massive deficit in 2025 and 2026, if you have inflation come up again, if you have bonds sell off again with crazy government spending,” Lonsdale said when asked about Cathie Wood’s huge bitcoin price prediction that could see it soar to over $500,000.
Bitcoin and crypto prices, including major coins ethereum, XRP and solana, have surged over the last few years as Covid-era money-printing and supply chain shocks sent inflation spiraling out of control.
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However, the bitcoin price has dropped back following the debut of a fleet of spot bitcoin ETFs, falling 20% and dashing the hopes of bitcoin bulls who had predicted it would surge following the funds’ long-awaited approval.
“Bitcoin’s price is testing the $40,000 level,” Alex Kuptsikevich, a senior market analyst with FxPro said in emailed comments.
“This is an attempt to break the downtrend by climbing above the previous day’s highs. Now, it seems that the sellers in bitcoin have not yet exhausted their potential, and we should be ready for a new momentum of decline to $37,500.
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