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Crypto users eager for AI advancements in blockchain, trading: survey

Crypto users eager for AI advancements in blockchain, trading: survey

KARACHI: Six in every 10 cryptocurrency users are eager for artificial intelligence (AI) advancements in blockchain and trading, according to a survey released on Thursday by KuCoin, one of the global crypto exchanges.

Over 90 per cent of the respondents said they’ve utilised or expressed interest in using AI to boost efficiency in their daily lives, said the survey, which covers the users’ perspectives and aspirations across different generations regarding AI integration and blockchain efficiency.

Respondents belonging to Gen Z (born between the late 1990s and the early 2010s) and Gen Y (born between the early 1980s and the late 1990s) show a higher adoption rate and positive reception of AI compared to those belonging to Gen X (born between the mid-1960s and the late 1970s) — a trend that indicates a generational shift in embracing AI technologies, it showed.

Conducted from May 10 to May 17, the survey is based on a sample of 1,125 crypto users around the world. Respondents include 15 per cent Gen Z (aged 18-24), 54pc Gen Y (aged 25-40) and 31pc Gen X (aged 40-plus) members.

The survey said generative AI for text, such as ChatGPT, is favoured across all generations, with 51pc of respondents preferring it. Navigation apps and voice AI assistants are highly appreciated for their practicality and convenience, especially among Gen Z and Gen Y.

AI-generated creative content and AI-powered trading tools are also gaining popularity, particularly among Gen Y users.

The survey showed AI applications for education and work efficiency pique interest across all generations, demonstrating the demand for streamlined processes and personalised experiences.

The growing interest in AI applications for healthcare and security/risk management is observed across all generations, showcasing the increasing acceptance of AI’s potential in these sectors.

Privacy and security issues are the top concern for 48pc of users, with Gen X respondents being particularly apprehensive about the centralisation of power resulting from AI deployment.

Worries about human control, transparency and job losses are shared across all generations but are more pronounced among Gen X users, it showed.

As for the understanding of AI in crypto, the survey showed 64pc of crypto users are at least “somewhat” familiar with AI applications in blockchain/crypto. Gen Z and Gen Y display a higher level of familiarity compared to Gen X, indicating an opportunity for education and awareness-building tailored to different generational needs.

Published in Dawn, May 26th, 2023

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