Despite being a major influencer in the crypto space and backing cryptocurrencies for several years, billionaire investor Elon Musk has left many people agape with a tweet.
The CEO of Tesla took to the streets of the bird app to publicize his newfound preference for artificial intelligence over crypto. His shift in interests has sent the crypto space into chaos. Some of his fans and crypto investors quickly responded to the tweet, expressing their concerns over his move.
Many have speculated that some factors could have contributed to the billionaire’s shift in interests, including the environmental threat which cryptocurrencies pose to the planet. In a tweet in May 2022, he called Bitcoin mining “bad for the environment” due to its use of fossil fuels.
What becomes of the crypto space with Musk’s new move?
Musk grew his popularity in the crypto industry with his influential tweets about Bitcoin and Dogecoin. Over the years, the entrepreneur has caused significant fluctuations in the crypto market by simply expressing his like or dislike for a cryptocurrency. If Musk were to put his cryptocurrencies for sale, their prices might take a huge hit.
However, one of the positive features of the crypto space is that it does not rely on the influence of one part alone. Despite Musk’s shift to AI, the crypto industry will continue to be influenced by other factors that will inevitably lead to its growth.
Elon Musk worries about AI
Last week, the tech mogul expressed his concerns about artificial intelligence at Tesla’s investor day.
In response to a question made by a shareholder, Musk stated that he was a little worried about AI stuff.
“I think it’s something we should be concerned about. We should need some kind of regulatory authority or something, overseeing AI development and making sure it’s operating within the public interest.”
While addressing the attendees of the World Government Summit held in Dubai last month, he reiterated his worries about AI by saying unchecked AI could be quite harmful to people. Musk worries about how evolved AI has gotten and how AI could be “vastly smarter” than human beings by 2025.