- Bitcoin benefits from AI thanks to Lightning Labs’ new AI tools.
- BTC fell slightly after accumulation slowed in recent days followed by some profit taking.
The popularity of artificial intelligence this year has somewhat stolen some of Bitcoin’s [BTC] Thunder. Most of the attention that Bitcoin had previously has shifted to AI, and the same goes for potential liquidity. But what if Bitcoin could also benefit from AI integration?
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The Lightning Network may be on its way to embracing AI. Lightning Labs, the company behind it, has announced the launch of new AI tools. They are reportedly designed to help developers create Bitcoin AI-powered products.
In other words, the Lightning Network is about to tap into AI to extract more efficiency from Bitcoin.
Announcing a new set of tools for Lightning⚡and #bitcoinpowered AI products for a global audience.
Use L402, an API authentication standard for LN payments, and @langchainAIa simplified AI app framework, we’re going to open up #AI4All! 🤖🌎https://t.co/EQseanCurv
— Lightning Labs⚡️🍠 (@lightning) July 6, 2023
One of the biggest questions regarding this development is how Bitcoin will benefit from AI. According to the official announcement, the tools can create advanced functionality within the Lightning network. This includes developing a new authentication mechanism or perhaps improving network performance.
Perhaps one of the best use cases for the new AI tools for the Lightning Network is that it can facilitate Bitcoin usage in the Internet of Things (IOT). If cryptocurrencies like Bitcoin are going to become embedded in the future of trading, then it makes sense to develop AI-powered tools. Bitcoin interaction with AI tools is perhaps another reason why developers should consider AI integration with blockchain.
Will the development encourage more adoption?
The aforementioned benefits may only represent a fraction of the benefits of integrating Bitcoin with AI. More perks may be unlocked in the future, but consider this first. We have already seen that most of the top companies use AI to increase productivity.
So, the integration of Lightning with AI could also allow Bitcoin to maintain its competitive advantages.
Summary of the BTC price action
The benefits may not be felt immediately, but could have a significant impact on Bitcoin in the future. The cryptocurrency press release underlined the return of selling pressure after it failed to break above the $31,419 price level.
The king coin changed hands at the time of writing for $30,181.
Source: TradingView
Read Bitcoin [BTC] Price Forecast 2023-24
Will Bitcoin Drop Below $30,000 Again? So far, the coin’s MFI reveals that there has been significant outflows in recent days. However, a price tag below the $30,000 range is easily achievable if sales pressure continues to mount.
The right FUD-inducing news could send the king coin even lower. On the other hand, investors should also look for more accumulation supported by positive developments.
