ChatGPT CEO’s crypto coin Worldcoin crashes

0

Last Updated on 10 July 2024 by CryptoTips.eu

Worldcoin was once very promising due to its connection to ChatGPT. The cryptocurrency founded by Sam Altman received free worldwide publicity because the founder was also the CEO of the company behind ChatGPT.

When he founded the mint last year, he posted a video of the people line ready to have his pupils scanned.

In March of this year, Worldcoin reached an All Time High of $12. This week, the coin fell out of CoinMarketCap’s top 100 and is trading at $1.90. What went wrong?

Advertentie.

Privacy

Mark Zuckerberg, founder of Facebook (now known as Meta), famously claimed in 2010 that privacy has been dead since the inception of social media. I’ve never actually agreed with that.

Sam Altman, the CEO of OpenAI, the company behind ChatGPT, apparently wanted to go one step further. He decided to create a cryptocurrency that would pay out a UBS (universal basic income) to everyone if only the entire world population wanted to have their pupils scanned and stored in an AI computer. So no more privacy for anyone, because every camera anywhere in the world would know who you are and, more importantly, where and when you are. 

Ever since WorldCoin was founded, there were rumors that legislators in the European Union and several Asian countries would have a problem with WorldCoin’s privacy regulations.

Users apparently had no problem. WorldCoin claimed that 1 million eyes were scanned in a matter of weeks as the value of the digital currency soared.

Spain and Italy

In March of this year, at about the same time that Bitcoin set a new ATH of $74,000, Worldcoin managed to hit its own ATH of $12.

After that it all came crashing down The Spanish government ordered Worldcoin to stop storing their citizens’ data. Soon after, the digital currency was officially banned in the country.

Italian authorities warned Altman in April that they shared a similar view. The value of Worldcoin started to drop ever faster.

More governments have since taken a similar route. The last on the list is Chile.

Investors are erring on the side of caution and have been exiting Worldcoin in recent weeks. Sam Altman’s coin is now trading for less than $2.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts