Is cryptocurrency dead? The answer to this question depends on who you ask. A cryptocurrency enthusiast will give you a hundred different reasons to explain why cryptocurrency is not dead. Tesla CEO Elon Musk and OpenAI CEO Sam Altman both have a strong interest in cryptocurrency and its potential role in shaping the future world.
For a long time, Musk has been a supporter of cryptocurrency; Worldcoin, a cryptocurrency founded by Sam Altman, was recently announced to be launched. Interestingly, both Musk and Altman are devout believers in artificial intelligence. Now, these two technology leaders are actively involved in revitalizing cryptocurrency while leading their companies to invest heavily in artificial intelligence.
1. Attracted by the future
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As two of the most visionary entrepreneurs in the world, it can be said that Musk and Altman are attracted by the ideas and innovations related to the future. Cryptocurrency represents a constantly evolving digital landscape and may play a crucial role in shaping the future digital economy.
Altman’s idea of Worldcoin seems to come from a dystopian concept. In the future, a biometric device will scan the user’s iris to determine whether the user is a human or an artificial intelligence with a unique verifiable digital identity. According to Altman himself, the concept of Worldcoin will be applicable to a very distant future.
Worldcoin will be based on a global human iris biometric identity database, using the Worldcoin token for interactions, associated with all financial transaction data of every person in the world, and managed by a centralized non-profit organization that supports robust surveillance policies and has the ability to collect sensitive data.
Altman also acknowledges that there are still many uncertainties about Worldcoin, but he believes that once people understand the feasibility of this technology and the importance of cryptocurrency in the world economy, they will be open to Worldcoin. Although there are still many ethical and privacy issues to be resolved in cryptocurrency, many people are now working hard to make progress in these areas.
2. Preparing for the post-AGI era
On the other hand, the premise of Worldcoin is very attractive. Altman states that the goal of Worldcoin is simple – to establish a global financial and identity network based on personal proof in the era of artificial intelligence. The founders of Worldcoin, including Alex Blania and Max Novendstern, believe that achieving Artificial General Intelligence (AGI), which is AI surpassing human intelligence, will trigger a surge in productivity and subsequent intense wealth creation.
Now, this is what makes Worldcoin interesting. Its creators believe that the wealth generated by artificial intelligence should be distributed equally among all citizens of the world in the form of cryptocurrency (Universal Basic Income), and Worldcoin appears to be a feasible channel for this. Another important point is that both Musk and Altman predict that AGI will arrive around 2030.
However, not everyone agrees with this idea. Akshay Bajaj, co-founder of DeFiVerse, believes that Worldcoin seems to be a bit of a misnomer. “I think Worldcoin will have to prove itself to be more than just a fancy idea. It turns out that processing so much data on a global scale will be a huge challenge. Governments across multiple jurisdictions are sure to raise some objections. And currently, the main role of cryptocurrencies is still speculation.”
So far, Worldcoin has raised approximately $250 million in funding and has gained support from multiple venture capital firms and notable investors. Nevertheless, besides overcoming uncertainties, startups must also overcome many challenges from regulatory bodies. In addition, in the post-AGI era, it is still unclear whether the current financial system will really be disrupted.
III. A more realistic approach
On the other hand, Musk’s plans for cryptocurrency seem more realistic compared to Ultraman. “Over the next few months, we will increase the comprehensive communication capabilities of X (Twitter) and the ability to manage the entire financial world,” he said.
In fact, when Musk first took over Twitter, some speculated that he would introduce cryptocurrency to the platform. This speculation was quickly confirmed. According to reports in April 2023, Twitter will allow users to trade stocks and cryptocurrencies on the platform as part of a collaboration with the social investment company eToro.
Musk’s vision is to turn Twitter into an AI-driven global platform that covers all areas. Musk stated that this plan will start with supporting fiat currencies and may integrate cryptocurrencies in the future if necessary. This clearly indicates that Musk’s vision of a future AI-driven world includes potential use cases for cryptocurrencies.
In fact, Musk previously stated that the current banking system is not “real-time and inefficient” and does not match today’s digital interconnected world. Musk mentioned that the solution to this problem is cryptocurrency. Therefore, it is likely that Musk’s idea will be implemented on Twitter soon.
“Elon Musk’s cryptocurrency policies have always been very positive. I hope he can also talk about Ethereum or Bitcoin,” Bajaj said. Previously, Musk stated that his space company SpaceX will accept Dogecoin as a payment method, a cryptocurrency that he has supported for quite some time. At the same time, Tesla has also purchased $1.5 billion worth of Bitcoin and stated that the automaker will accept cryptocurrency payments.
IV. Other tech leaders
Due to the influence of Musk and Ultraman, many supporters of cryptocurrencies firmly believe that they will become the “saviors” of cryptocurrencies. However, there are actually many other tech leaders who are also actively supporting the “revival movement” of cryptocurrencies. For example, Jack Dorsey, the founder of Twitter, is now actively involved in his own cryptocurrency project. Earlier this year, Dorsey revealed that his company Block (formerly Square) is developing bit key – a hardware in the crypto field that allows users to transfer their passwords to it, enabling them to control their Bitcoin in a secure and user-friendly manner.
However, unlike Ultraman, Dorsey is a staunch believer in decentralization. After Twitter, he even created a new generation of decentralized Web3 social platform called BlueSky. Therefore, he doesn’t seem interested in Ultraman’s idea about the Worldcoin project.
Interestingly, Worldcoin is not the first platform advocating for the concept of universal basic income. Yoni Assia, the founder of eToro, expressed his honor about Worldcoin, as it imitated his own GoodDollar, a universal basic income platform. Like Dorsey, Musk also supports decentralized approaches and has expressed interest in BlueSky.
In conclusion, while the concept of the metaverse is gradually being forgotten, the cryptocurrency pond is gradually rippling under the influence of many tech leaders. Whether you believe it or not, as technology advances and drives us through these unknown waters, unprecedented new possibilities will also emerge.
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