In an culmination of efforts at the intersection of Bitcoin and Artificial Intelligence (AI), the “Nexus – Bitcoin & AI Industry Report” has been unveiled by Spirit of Satoshi, the world’s first Bitcoin centric AI, highlighting significant advancements and debunking misconceptions within these realms.

The report’s core emphasis revolves around the convergence of 280 participants dedicated to refining the Spirit of Satoshi model and bolstering its “Nakamoto Repository” with over 33,000 invaluable Bitcoin resources. These milestones signify a robust amalgamation of community-driven contributions and partnerships, establishing a cornerstone for AI development facilitated by Bitcoin and Lightning payments.

Noteworthy highlights within the report include the Lightning-Enabled-Crowdsourced LLM (LECS-LLM) tool’s creation, amassing over 40,000 responses from 280 contributors. This effort curated an extensive repository of 33,000 Bitcoin and Austrian economics resources, sourced both from the community and through collaboration with the Mises Institute.

Also showcased in the report is the Code-Satoshi, the world’s first Bitcoin Code-Pilot. This tool, aimed at developers, streamlines the coding process for Bitcoin and its related languages and protocols. Currently in its Alpha phase, it aids in code production, correction, and explanation via English or visualizations, focusing initially on Script and MiniScript.

Moreover, the report expounds on the integration of the Lightning Network’s L402 protocol, emphasizing its role in facilitating machine-to-machine economic activities. This integration aims to enhance user privacy and also mitigate fraud and chargeback risks, contrasting starkly with centralized AI models.

Essential myth-busting surrounding AI misconceptions forms a significant segment within the report. From debunking the “More Data Myth” to dispelling fears about AI replacing human labor and addressing concerns about Artificial General Intelligence (AGI), the report underscores the need for transparent and diverse AI models.

Another aspect highlighted is the collaborative effort in building the Spirit of Satoshi Bitcoin language model. With community validation, refined datasets, and reinforcement learning, the model aims for accuracy and alignment with a Bitcoin-centric perspective.

The “Nexus – Bitcoin & AI Industry Report” showcases the collaborative innovation between these two realms, which could usher in a new era of AI development empowered by Bitcoin, paving the way for transformative applications in both spheres.

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On Wednesday, the U.S. Bureau of Labor Statistics published the Consumer Price Index (CPI) report, which noted that inflation rose 0.1% last month in March and 5% from a year ago. Annual inflation has dropped for nine consecutive months following the nine times the U.S. Federal Reserve raised the federal funds rate.

U.S. Inflation Cools for the 9th Straight Month

Investors were pleased to hear the latest U.S. Consumer Price Index (CPI) report on Monday, which noted that inflation has cooled over the last nine months. “The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in March on a seasonally adjusted basis, after increasing 0.4% in February,” the U.S. Labor Department explained on Wednesday. The news follows the U.S. central bank raising the benchmark interest rate by 25 basis points last month.

The Fed has increased the federal funds rate nine times in a row, to a total of 475-500 basis points. The latest data indicates that inflation has dropped significantly since last year in the U.S., but it is still far from reaching the Fed’s stated goal of 2%. After the CPI report was published, the global crypto economy’s total market capitalization jumped to $1.23 trillion. It had dropped a few percentage points on the night of April 11, 2023, at 10:45 p.m. Eastern Time.

Currently, bitcoin (BTC) is trading above the $30,000 range, up 0.80% after the Labor Department’s CPI report was published. Gold is up 0.81% and trading for $2,021 per troy ounce, while silver is up 1.82% to $25.60 per ounce on Wednesday morning at 9:30 a.m. Eastern Time. The CME Fedwatch tool currently indicates a 67.5% chance that the Fed will raise the benchmark rate again by 25 basis points in May. Roughly 32.5% of investors using the Fedwatch tool are betting that there will be no rate hike next month.

While the market is pricing in a 25-basis-point increase next month, several economists believe it will likely be the final rate hike of 2023. Despite policymakers believing the inflation rate can drop down to the 2% region, economist and gold bug Peter Schiff has argued on several occasions that America’s “days of sub-2% inflation are gone.” Schiff reiterated this belief after the CPI report was published on Wednesday.

“The catalyst for this morning’s $20 jump in the gold price is the March CPI rising a bit less than expected,” Schiff tweeted in response to the latest CPI data. “But core CPI still spiked 0.4%, which annualizes to over 5%. The real reason gold is rising is that high inflation is here to stay. Soon YoY CPI gains will hit new highs.”

Not everyone is as pessimistic as Schiff, however. The CEO of Your Money Line, Peter Dunn, talked about the CPI data on Wednesday and emphasized that people should feel good about the recent trends on News Nation.

What are your thoughts on the latest CPI report and its impact on the economy? Share your insights and opinions in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.