Key Points
- Former Binance chief CZ argues artificial intelligence represents a more significant threat to traditional finance than cryptocurrency
- IBM shares plummeted more than 13% following Anthropic’s announcement about Claude AI’s COBOL modernization capabilities
- CZ’s remarks directly challenge traditional finance leaders like JPMorgan’s Jamie Dimon who spent years criticizing digital assets
- Coinbase’s Brian Armstrong has previously echoed similar sentiments regarding legacy finance’s inability to adapt to disruption
- A hypothetical scenario from Citrini Research envisions AI-driven white-collar job losses and economic downturn by 2028
Former Binance Leader CZ Points to AI as Wall Street’s True Adversary Following IBM’s Sharp Decline
Changpeng “CZ” Zhao, the co-founder of Binance, directed pointed commentary toward traditional financial institutions this week, suggesting they’ve been preoccupied with the incorrect adversary.
His remarks followed a significant selloff in IBM shares, which tumbled over 13% on Monday after Anthropic revealed that its Claude artificial intelligence system could assist companies in updating outdated COBOL-based infrastructure.
COBOL represents decades-old programming technology that continues to underpin critical systems at major financial institutions and corporations worldwide. [[LINK_START_0]]IBM[[LINK_END_0]] derives billions in annual revenue from services helping clients modernize these aging systems.
Anthropic’s declaration implied that artificial intelligence could accomplish this work with greater speed and reduced cost. The announcement rattled investors, triggering IBM’s steep decline.
In his X post, CZ wrote, “Wall Street was worried about crypto… when they should be worried about AI.” The sardonic message targeted longstanding critics within traditional finance who have consistently highlighted cryptocurrency risks.
Traditional Finance’s Track Record of Cryptocurrency Skepticism
JPMorgan Chase’s chief executive Jamie Dimon stands among Wall Street’s most prominent cryptocurrency doubters. He has consistently voiced reservations about Bitcoin, despite JPMorgan simultaneously developing its own blockchain-based financial tools.
Brian Armstrong, CEO of Coinbase, has previously stated that certain traditional finance institutions struggle to accept the transformative impact cryptocurrency introduces to their sector.
CZ’s statement continues this persistent friction between digital asset proponents and legacy financial powerhouses.
Artificial Intelligence Emerges as New Disruptive Force
Though cryptocurrency dominated Wall Street’s concerns for an extended period, artificial intelligence now commands increasing attention as a force capable of upending conventional business frameworks.
Anthropic’s Claude represents an advanced AI system designed for sophisticated operations. The firm’s assertion that it can streamline COBOL system upgrades directly challenges a fundamental income source for IBM.
IBM has remained silent regarding Anthropic’s particular assertions about COBOL capabilities.
Citrini Research released an analysis Sunday presenting a speculative June 2028 scenario. Their projection describes AI-powered automation triggering widespread displacement of office professionals, diminished consumer expenditure, and extensive economic slowdown.
While purely theoretical, the analysis captures mounting unease within financial sectors regarding potential consequences of widespread AI implementation on employment and economic stability.
PANews amplified CZ’s message on February 24, highlighting the correlation between IBM’s stock deterioration and Anthropic’s product announcement.
IBM’s equity had experienced pressure preceding Monday’s downturn. The 13% single-session plunge ranked among the most dramatic movements the security has experienced in recent periods.
Anthropic’s Claude platform targeting COBOL infrastructure represents the latest chapter in this evolving narrative.
