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Today’s Menu

• Public Figures Demand Superintelligence Development Stop

• Bitcoin's Last Sub-$100K Dip Coming

Markets

TODAY IN AI

Public Figures Demand Superintelligence Development Stop

Public figures across tech and politics signed a Future of Life Institute letter demanding governments prohibit superintelligence development until it's proven controllable and the public approves its creation.

The letter cites concerns including "human economic obsolescence," "losses of freedom, civil liberties, dignity, and control," and "potential human extinction." Leadership from OpenAI, Google, Anthropic, xAI, and Meta were notably absent, though current OpenAI staffer Leo Gao appeared in signatories.

The organization released data showing 64% of Americans want ASI work halted until proven safe, with just 5% preferring unregulated advances. Signatories included "godfathers of AI" Yoshua Bengio and Geoffrey Hinton, Apple co-founder Steve Wozniak, and Virgin's Richard Branson.

This isn't the first public push against AI acceleration, but calls are getting louder. However, with all frontier labs notably missing and still vague notions of both what a "stop" looks like and how to define ASI, this effort may draw more publicity than real action.

When AI safety advocates can't even get frontier lab leadership to sign letters, that tells you everything about the effectiveness of public pressure campaigns.

TODAY IN CRYPTO

Bitcoin's Last Sub-$100K Dip Coming

Standard Chartered's Geoffrey Kendrick says Bitcoin's next big move could begin with one final flush - a dip below $100K that he calls "inevitable" but short-lived and potentially "the last time bitcoin is EVER below" that level.

Bitcoin currently trades around $107K, down about 14% from its $126K all-time high earlier this month. Kendrick attributed the sell-off to renewed U.S.-China trade-war fears causing a "fear-driven selloff."

His year-end $200K target remains unchanged, and any drop below six figures could be the final dip before Bitcoin resumes its historic "Uptober" trend. October and November have been Bitcoin's strongest months, rising 19.8% and 46% on average since 2013.

Kendrick is watching the gold-Bitcoin relationship as a potential turning point. "Yesterday's sharp gold selloff coincided with a strong intra-day bounce in Bitcoin... This was presumably a 'sell gold, buy Bitcoin' flow."

Gold dropped from record $4,381 per ounce to around $4,100 - its largest single-day decline in over a decade - suggesting possible capital rotation from traditional havens into digital ones.

Kendrick's monitoring liquidity conditions, questioning when the Fed sees them as "tight" and reacts by stopping quantitative tightening. Bitcoin's 50-week moving average continues acting as price support since early 2023.

His bottom line: "Stay nimble and ready to buy the dip below $100,000 if it comes." If he's right, this correction won't mark the cycle end - it'll mark the beginning of Bitcoin's next leg higher.

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Thanks for reading!

Until next time,

Damon James