AI-Boosted Crypto Tokens Soar Following Elon Musk’s New Venture Announcement: Promising Future or Eruption of Skepticism?

Posted on by Artificial Intelligence
Abstract futuristic cityscape shimmering in AI-generated hues, crypto tokens like stars scattered across an ethereal sky. Stylistic representation of Elon Musk amidst the constellations, a glowing AI logo in one hand, a crypto coin in the other. The city bathed in the soft glow of dawn's first light, casting long shadows and setting a mood of expectant tension. The image encapsulates promise, potential, and uncertainty of the new AI and cryptocurrency interrelationship.

The symbiotic relationship of cryptocurrency and artificial intelligence (AI) witnessed a new chapter as AI-related crypto tokens such as SingularityNET (AGIX) and Fetch.ai (FET) soared by more than 3% on Wednesday. The sudden jolt in numbers followed in the footsteps of Elon Musk‘s announcement unveiling a new AI company – xAI – a prospective alternative to the prevalent ChatGPT. The niche increase of 6% in AGIX, along with a 3% in FET, reveal the potential interconnections within AI and crypto markets.

xAI’s lofty goal is to decipher the “true nature of the universe.” Comprising a core team of seasoned professionals who have previously operated on some of the key players in the market – DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto – a strong foundation underlies the formation of xAI. While it transitions as a separate body from Musk’s X Corp., it intends to maintain close connections with his other ventures.

Elon Musk’s previous mention of conceiving TruthGPT, touted as a counter to ChatGPT, reflects in the vision of xAI. Constructing an all-encompassing, ‘truth-seeking AI’ aspires to profoundly understand the universe. It enhances the intrigue in AI-related cryptocurrency, already experiencing a short-lived stimulus earlier this year, triggered by growing mainstream reputability of the technology. Not to mention, the chipmaker Nvidia (NVDA)‘s optimistic perspective on AI sales amplified the hype.

However, it’s important to maintain a perspective. While the announcement ignites enthusiasm in crypto enthusiasts, the ambiguity on xAI’s operational model, alliance with Elon’s other corporate ventures and consequently, its impact on the correlated crypto tokens, raise notable questions. Besides, the volatility and unpredictable strides in cryptocurrency landscape persist as an inherited characteristic.

Both the enthusiastic induction and seasoned skepticism meet at crossroads, setting the stage for an adhering watch on the repercussions of this novelty in AI and crypto convergence. The fervency towards exploring the yet unexplored in the AI domain, or the eventual realization of ‘maximum truth-seeking AI’, treads an interesting future for the intertwined existences of AI and cryptocurrency. This could swing both ways, an exciting tournament or a bumpy ride. Stand by, the future unfolds.

Source: Coindesk

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