AI could be the next catalyst for bitcoin’s mass adoption, this investment manager says. Here’s why.

While the U.S. Securities and Commission recently took a slew of enforcement actions against crypto companies, it seems some financial institutions are still bullish on the industry.

In the past week, Cathie Wood’s ARK Investment Management and crypto asset manager 21Shares amended their application for a spot bitcoin BTCUSD exchange traded fund to include a surveillance sharing agreement, which was similar to that in BlackRock’s filing earlier this month. The move could place the firm and 21Shares ahead of BlackRock in the competition of launching a spot bitcoin ETF, analysts said.

Zhang said he expects AI and blockchains to be the two key pillars for the next generation of the Internet, which is often referred to as Web 3. Bitcoin could be used for transactions when AI agents interact with each other, with smart contracts eliminating the need for human intermediaries, Zhang noted.“AI will actually have intelligence, and it will be another participant in the economy. I think there could be a point when AI agents all make transactions to each other,” said Zhang.

Ark amends bitcoin ETF filing Cathie Wood’s ARK Investment Management and crypto asset manager 21Shares amended their application for a spot bitcoin exchange traded fund to include a surveillance sharing agreement, which was similar to that in BlackRock’s filing earlier this month.

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