3 weeks ago

Crypto investors dump bitcoin to chase AI stocks

Crypto investors dump bitcoin to chase AI stocks
Meet the crypto bros who pivoted to AI · livemint.com

Some people who invested their money in bitcoin have decided to invest in artificial intelligence instead.

Bitcoin is a kind of digital money, and artificial intelligence includes computers that can think and learn.

A man named Daniel Koss sold all of his bitcoin and put his money into AI companies.

He says bitcoin has grown so big that it probably won't jump in value as much as before.

Bitcoin's price went very high in October, then dropped sharply.

Now it has stayed around $60,000 for a while.

Another investor, Ryan Ho, sold most of his bitcoin and bought computer chip company stocks like Intel.

Traders can now buy AI investments on the same apps they used for crypto, which makes it easy to switch.

One trader, Minh Le, used some of his crypto money to buy a Ferrari and fun trading cards.

Now he is buying safer digital money that can be used for everyday payments.

Key facts

Current bitcoin price
Around $60,000
Bitcoin record high
More than $126,000, reached in October
Daniel Koss's move
Sold six-figure bitcoin stake in August; now fully invested in AI
Ryan Ho's pivot
Rotated most of seven-figure bitcoin holdings into chip makers and AI stocks, including Intel
AI trading platforms
Hyperliquid and other crypto platforms now offer AI derivatives
Minh Le's spending
Bought a Ferrari and Japanese anime collectibles including One Piece and Pokémon cards
Analyst outlook
Bloomberg Intelligence's Mike McGlone says "the purge is just getting started"

Quotes

Daniel Koss

30‑year‑old investor based in Zug, Switzerland

“That’s why most crypto traders started trading AI equities over the past few months. It’s just because it just became available to do.”
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“I felt a bit like a cave man who found fire.”
livemint.com

Mike McGlone

Senior commodity strategist, Bloomberg Intelligence

“What’s happening in crypto is the purge is just getting started.”
livemint.com

Sources

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