Why Jack Dorsey Thinks AI Will Replace Middle Managers | CoinDesk Daily

0:00which jobs will get hit in the AI revolution and Bitcoin is on a historic six-month losing streak. This is CoinDesk Daily, I'm Jen Senassi. Jack Dorsey says the middle manager's job is about to be replaced by artificial intelligence. The block CEO argues that corporate hierarchy has always existed to solve one problem, routing information through organizations too large for any single person to oversee. But now this is something that AI can address. Jack Dorsey says his company's decision to cut approximately 4,000 of its 10,000 employees was not cost-production but a permanent restructuring to replace middle managers with AI. However, current and former block employees are pushing back on this vision. They told the Guardian that roughly 95% of AI-generated code changes still require human modification and that AI is nowhere near ready to lead in highly regulated areas like banking and money transfers. The New Hampshire Business Finance Authority is set to issue the first rated Bitcoin

1:01backed bond of its kind, signaling a new intersection of crypto and public finance. The bonds received a provisional BA2 rating from Moody's which places them two notches below investment grade. Moody's has said its rating reflects risks associated with the transactions collateral, structure, and operation, including Bitcoin's volatility. The largest crypto by market cap is currently hovering around $68,500 and saw six consecutive months of losses. The last time Bitcoin saw six months losing streak was back in early 2019, a period that was immediately followed by five straight months of massive gains. In the Australian government passed its first comprehensive regulatory framework for digital assets on Wednesday, the new law requires all crypto exchanges and custody providers that hold digital assets on behalf of customers to obtain an Australian financial services license. Rather than trying to regulate the actual cryptocurrencies themselves, the law targets the middlemen who control customer funds, industry groups estimate this new regulatory clarity could help Australia capture a massive slice of the digital asset market, potentially generating up to $24 billion Australian dollars annually for the country's

2:04economy. That's a wrap for CoinDesk Daily. Get more updates on CoinDesk.com and we'll see you next time.