Binance (CRYPTO: BNB) co-founder Changpeng “CZ” Zhao said that Wall Street should worry more about artificial intelligence than cryptocurrency after shares of International Business Machines Corp (NYSE:IBM) plunged Monday on Anthropic’s claims about its AI advancements.
CZ’s Jibe At TradFi
CZ wrote in a sarcastic X post,, “Wall Street was worried about crypto… when they should be worried about AI.”
The cryptocurrency billionaire poked fun at some traditional finance companies that have long feared or criticized the sector’s volatility and risks.
Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong has echoed this narrative, stating that some traditional finance players have not been able to stomach the cryptocurrency “disruption.”
Some notable examples are JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon, who maintains, to this date, a skeptical stance toward Bitcoin (CRYPTO: BTC), even as the banking giant expands its cryptocurrency infrastructure.
AI Growth Spooks Wall Street
CZ’s remarks came after IBM shares tumbled more than 13% in Monday’s regular trading on AI company Anthropic’s claim that its tool can help companies modernize legacy systems built on COBOL, a service that generates billions for the technology giant.
AI disruption fears have weighed on the broader market. A note published Sunday by Citrini Research presented a hypothetical scenario set in June 2028 where AI’s disruption has caused mass unemployment for white-collar workers, declining consumer spending, and economic contraction.
Price Action: IBM shares rose 0.92% in after-hours trading after closing 13.15% lower at $223.35 during Monday’s regular trading session, according to data from Benzinga Pro.
The stock exhibits weakening price momentum across short-, medium-, and long-term horizons, yet earns a high Quality score in Benzinga’s Edge Stock Rankings.
Photo Courtesy: Lester Balajadia on Shutterstock.com
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