Renowned investor Cathie Wood spotlighted an analyst’s views about the transformative potential of cryptocurrency and artificial intelligence in the financial services sector on Sunday.

What Happened: In an X post, Wood, the CEO of ARK Invest, recommended a podcast episode featuring Nikil Viswanathan, co-founder and CEO of web3 development platform Alchemy.

In the podcast, Vishwanathan said, “Crypto is fundamentally the rails that AI is going to run on.” He explained the underlying gap that existed in how AI agents executing various services transact.

“AI cannot get a bank account. AI cannot walk into a branch. AI cannot have a cheque book,” Viswanathan added. He said that while individuals can give agents their own account, banks won’t allow the agents to use them.

“Even more than humans, crypto was made for AI,” he stated.

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Spiker Helms, an X user, questioned why the agents cannot utilize credit cards for transactions. In response, a blockchain enthusiast using the alias look black talk white argued that an AI agent cannot fill out details such as first name, last name, and date of birth to obtain a credit card.

Why It Matters: Wood’s bullish stance on cryptocurrency and AI isn’t new. In a recent interview, she stated that AI would “disrupt the traditional world order” and replace search engines like Google.

As for cryptocurrency, she and her firm have consistently maintained a bullish outlook on Bitcoin BTC/USD, the world’s leading cryptocurrency. She reaffirmed that BTC would hit a minimum of $700,000 in the coming years, a surge of at least 580% from its current value.

Price Action:  At the time of writing, Bitcoin was exchanging hands at $103,963.03 up 0.01% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: aslysun on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.