The ongoing decline of Bitcoin, currently around 44% below its all-time high, has prompted significant layoffs across multiple crypto firms, driven by a pivot towards AI integration. Notably, Crypto.com is laying off 12% of its workforce, with CEO Kris Marszalek emphasizing that areas unable to adapt to AI will be affected. Similarly, Gemini has reduced its workforce by 30% and is deploying AI tools to enhance productivity, amid legal challenges due to stock performance down 84.72% since its listing. Other firms like Messari and Block have also enacted layoffs under the guise of transitioning to AI-centric operations. Critics argue these job cuts may merely reflect the cyclical nature of the crypto market. Meanwhile, bitcoin mining companies like Cango and Bitdeer are embracing AI to diversify revenue. This comes as Bitcoin struggles to maintain its value, drawing comparisons to gold’s recent performance in unstable economic conditions.
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