Artificial intelligence is catching up with the blockchain

Institutional investors appear to place more importance on artificial intelligence than blockchain technology in the coming years. This is according to a study of bank J.P. Morgan.

According to the survey, 53 percent of respondents think AI will become important in the technology sector in the next three years. In contrast, only 12 percent favor blockchain. The study surveyed 835 institutional investors in 60 markets around the world. Things can move fast, as last year blockchain scored the same percentage as artificial intelligence.

This change presumably stems from the turbulent crypto year 2022, which apparently did not leave a good impression with the demise of several projects, exchanges and services. For example, 72 percent of those surveyed had "no plans" to include cryptocurrencies or "digital currencies" in their portfolio.

This is exacerbated by the recent hype surrounding AI technology such as ChatGPT. Google Cloud, for example, reinforced its interest in the sector with a $300 million investment in AI start-up Anthropic. This is the same start-up in which FTX founder Sam Bankman-Fried invested $500 million.

However, it remains to be seen whether the AI hype will last long enough to replace blockchain as the technology of the future. Besides, one need not preclude the other. ChatGPT, for example, appears to be a big supporter of Bitcoin.