Decentralized AI Decentralized AI refers to artificial intelligence systems that operate on a distributed network rather than being controlled by a central authority such as Amazon Web Services (AWS), enabling transparency and collaboration by leveraging blockchain technology. With the success of Nvidia in 2024, there has been significant attention brought to AI and how digital assets could help relieve the compute load and H100 GPU shortage. Several digital asset protocols such as Bittensor create a decentralized network for AI models to share, validate, and reward knowledge using blockchains. Another example is Render which decentralizes GPU computing power, thereby providing scalable resources for AI training and inference and making advanced AI accessible. In 2025, we expect to see open-source code AI models for societal use cases such as protein mapping, genomic sequencing, personalized medicine, and drug discovery. The Possible Drivers of Mainstream Adoption and Diffusion in 2025 By Matt Hogan Nation-State and Government Adoption The approval and launch of spot bitcoin ETPs earlier in 2024 led to substantial demand for exposure to bitcoin from institutional and retail investors alike. This regulated, familiar, and accessible vehicle has made allocating to bitcoin more streamlined than ever before, leading to several pensions and at least one endowment making allocations to bitcoin through these products.34, 35, 36 While we expect to see this trend accelerate throughout 2025, one might wonder who the next significant investor might be to add bitcoin to their portfolios. Enter nation-states and governments. The largest government holders of bitcoin currently are the U.S., China, United Kingdom, Ukraine, Bhutan, and El Salvador.37 Country/Government Bitcoin Holdings Approximate USD Value United States 198,109 $20.1 billion China 190,000 $19.2 billion United Kingdom 61,245 $6.2 billion Ukraine 46,351 $4.7 billion Bhutan 11,688 $1.2 billion El Salvador 5,961 $604 million Source: Fidelity Digital Assets Research via bitcointreasuries.net,12/12/24. Fidelity Digital Assets® 2025 Look Ahead | 27
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