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Let’s run it back. This time for real

JUST IN: Sandeep Nailwal, co-founder of Polygon and Sentient, says AI will never become a conscious being because AI systems lack real intent. Is the AI threat overhyped? Let us know in the comments section below!

Does bitcoin have a place in national reserves? For the Swiss National Bank, the answer is clear: no. Between excessive volatility and lack of liquidity, the SNB rejects the idea of incorporating cryptocurrency into its balance sheet, despite pressure from bitcoin advocates. While the White House opens its doors for a historic summit on March 7 , Switzerland offers a contrasting spectacle. On one hand, cities like Lugano or Zug flirt with the crypto utopia, transforming the franc into a virtual stablecoin. On the other, the SNB stands firm, hammering that bitcoin remains a “niche phenomenon”. Schlegel does not mince words: “Too unstable, too fragile, too… software.” An astonishing admission in a country where private banks manage fortunes in far more opaque assets. Yet, behind these technical arguments lies a visceral mistrust. For the SNB, accepting bitcoin as a reserve would legitimize an uncontrollable currency. “The Swiss franc is not afraid of competition,” assures Schlegel. Really? Between the lines, one can sense a fear: the fear of seeing digital gold erode the prestige of a safe-haven currency. Ironically, the franc, backed by 40% gold, rejects an asset often compared… to the precious metal. The political tug-of-war intensifies. Against the SNB, the 2B4CH initiative attempts to impose bitcoin through a referendum. The goal: to collect 100,000 signatures by 2026. A symbolic number in a country where 1.11% of the population is enough to shake institutions. But Schlegel remains unfazed: “Software bugs are not part of our monetary policy.” An argument that sounds like a refusal to plunge into the unknown. This debate goes beyond the Alps. El Salvador bets everything on bitcoin, the Czech Republic hesitates, Poland closes the door. Switzerland embodies a paradox: a pioneer of cryptos in private, a guardian of orthodoxy in public. Schlegel recognizes it in so many words: “The market is worth 3 trillion, but remains marginal.” Marginal? Not for the 15% of Swiss who already hold cryptos, according to a recent study. The question of reserves is just a smokescreen. What is at stake here is the narrative battle of the 21st century. On one side, central banks defend their secular monopoly. On the other, crypto-evangelists wave decentralization as a banner. Does the SNB really fear “bugs”… or the loss of financial narrative? Proof that the lines are shifting: the timing. While Trump prepares his crypto summit, Switzerland hardens its tone. Coincidence? Not sure. In rejecting bitcoin, Schlegel sends a message to the giants: “Sovereign currencies remain in control.” Yet, history proves the immutable wrong. Gold was once an innovation. The dollar was too. There remains the thorny question of liquidity. “Our reserves must be mobilizable in the event of a crisis,” insists Schlegel. A weak argument against stablecoins or Bitcoin ETFs, which turn digital gold into a fungible asset in a few clicks. What if the real illiquidity was that… of mindsets? The SNB’s “no” resembles an admission of powerlessness. Powerlessness to control the uncontrollable. To tame an asset that, by design, escapes central bankers. By refusing bitcoin, Switzerland preserves its monetary order… but misses the train of a revolution despite the panic that has reached critical levels.

Artificial intelligence has just crossed a new milestone, and this time, a storm is brewing. GPT-4.5, the latest creation from OpenAI, is crushing the track with an outrageous ambition: to dominate by size. While 2025 is already overwhelmed by announcements of rival models – such as Claude from Anthropic or R1 from DeepSeek, designed with a pittance of a budget – OpenAI is betting everything on gigantism. With a $200 monthly ChatGPT Pro subscription, insiders can now test this colossus. But behind the promises lie bold strategic choices… and surprising paradoxes. OpenAI no longer hides its ambitions: “Bigger, always bigger.” The launch of GPT-4.5 is part of a technological arms race, where every parameter, every artificial neuron, is a step towards a supposedly omniscient AI. Unlike DeepSeek, which shook Silicon Valley by optimizing costs and performances, OpenAI persists: billions invested, gigantic infrastructures, and a model so greedy in computation that it becomes mysterious. “The numbers? They will remain in the shadows,” is whispered at OpenAI. Yet, this excess might have a merit: capturing the elusive nuances of humanity. Mia Glaese, head of the alignment team, assures: “The more we know, the less we invent.” Translation: GPT-4.5 would hallucinate less because its vast knowledge prevents it from filling in gaps with imagination. A tempting argument, but it raises a question: how far can we enlarge a model before hitting physical or ethical limits? Between the lines, a conflict emerges. On one side, efficiency proponents like DeepSeek prove that performance is not just a matter of size. On the other, OpenAI stands firm, making raw power its banner. A risky bet, as academic benchmarks reveal weaknesses: surpassed in math by o3-mini, trailing in sciences, GPT-4.5 truly shines only in language. “Benchmarks don’t tell the whole story,” retorts Glaese. The real revolution would be elsewhere. Let’s get to the concrete things. Pro subscribers discover GPT-4.5 with promising features: web search, file analysis, image processing… but still no voice AI. Strange, considering that multimodal is supposed to be the future. The result: exchanges remain confined to text, with the hope that this so-called “natural” will finally arrive. Initial feedback? Mixed. For programming or writing, it’s smoother, more efficient. But as soon as it comes to handling specific scientific topics, the results leave one perplexed. In short, the evolution is subtle, almost imperceptible to the general public. The real question is what comes next. OpenAI assures: GPT-4.5 will be the last model without “chained reasoning.” In other words, no more need to manually choose a model: ChatGPT will automatically adapt to each request. An enticing advancement… but it raises a real question: where has the user’s freedom gone in all this? With GPT-4.5, OpenAI persists in the idea that a model that is always larger is the key to a more “human” AI, despite skyrocketing costs. But faced with lighter and equally efficient models, this race for size makes one think. Meanwhile, the tech giants are seizing the opportunity to drive Wall Street to crazy heights.

Grayscale has recently revised its smart contract fund holdings. Seven main smart contract blockchains—Solana, Ethereum, Cardano, Avalanche, Sui, Near, and Polkadot—make up the new portfolio. Every asset in the fund will be rebalanced quarterly using a market capital-weighted methodology with a cap of 30% per asset. Grayscale did not treat this money lightly. Now with 31.30%, Solana is the biggest portion, somewhat ahead of Ethereum at 31.22%. Avalanche receives 7.26%; Cardano follows with 18.23%. On the other hand, newcomers like Sui enter with 6.50%, Near 2.95%, and Polkadot 2.54%. This development really begs the issue: is Solana becoming a more appealing asset than Ethereum in Grayscale? Alternatively, is it only a mirror of the moves in the market? All the same, this choice shows that Grayscale is adaptable and sensitive to industry changes. CNF had earlier reported that Grayscale unveiled Pyth Trust, a single investment instrument exposing the PYTH token. For around 90 blockchains, Pyth Network itself serves as a real-time price data supplier. Stated differently, this project is a vital infrastructure in the crypto ecosystem rather than only a token. Furthermore, Grayscale also launched Dogecoin Trust early in February 2025. Given that Dogecoin has lately been more renowned as a meme coin than a major investment tool, this action was very unexpected. With this confidence, though, DOGE now receives greater validation from big universities, indicating that its attraction goes beyond the community to also reflect the possibility for long-term value. With total assets under management of $3.27 million, the Net Asset Value (NAV) per share for this smart contract fund comes out to be $10.58 numerically. 309,400 is the recorded total of outstanding shares. This information reveals that demand for digital assets is still strong even if the crypto sector keeps having difficulties. Moreover, the makeup of this fund might also be a clue to market mood. Given Solana’s growing share, Grayscale might find more possibilities in this network than in past times. Based on Grayscale’s movement trends in recent months, it seems as though the company is growing more aggressive in broadening the scope of investment. While Dogecoin Trust offers the avenue for further speculation, Pyth Trust concentrates on blockchain data infrastructure and now their smart contract fund reveals a change in approach in choosing more interesting projects. However, the most important question still is how large of a change in the price and acceptance of every asset this rebalancing will cause. Should other asset hodlers get ready for the next change? Grayscale is unquestionably unpredictable, they always have new surprises ready for us; 2025 seems to be a year full of unanticipated actions.