Elon Musk shocks followers by choosing AI over crypto

Elon Musk shocks followers by choosing AI over crypto

In a tweet, Elon Musk, the CEO of Tesla, expressed his preference for artificial intelligence (AI) over cryptocurrency, which has surprised many of his fans and investors.

No love for dogecoin and crypto?

Musk, a vocal advocate for cryptocurrencies like Bitcoin and Dogecoin, took to Twitter to reveal that his interest had shifted from crypto to AI. This move has raised concerns among the crypto community, who have seen him as a champion of digital currencies.

Many Twitter users responded to Musk’s post, expressing surprise and concern.

Musk is concerned about AI

Earlier this week, the entrepreneur admitted that he was experiencing “a bit” of AI existential anxiety, stating that AI poses a significant threat to the future of civilization.

Musk has previously expressed his concerns about the environmental impact of cryptocurrencies, particularly Bitcoin, which he called “bad for the environment” in May 2021.

In recent days, the billionaire has been discussing AI, highlighting its “great danger” and suggesting the need for regulation. Musk thinks AI safety needs to be regulated since he believes it is a more significant societal risk than cars, planes, or medicine.

Musk further stated that while AI regulation may result in its “slow” implementation, it will have a more positive impact in reducing AI risks. The entrepreneur expressed his thoughts on “how advanced AI has become,” claiming that it is accessible to most people because it lacks a user interface. He claimed in July 2020 that AI would be “vastly smarter” than humans and surpass us by 2025.

What could happen if Musk stops promoting crypto?

Musk has become a well-known figure in the cryptocurrency world thanks to his tweets and remarks about Bitcoin and Dogecoin. He has a history of causing substantial price swings in the market depending on whether he supports or criticizes a particular cryptocurrency.

If Musk stops promoting the cryptocurrency sector, short-term market damage might result. For instance, the price of Bitcoin or Dogecoin might fall if he sold a sizable amount of those digital currencies.

However, the crypto industry is much larger than any individual or company, and it is driven by many factors beyond just Musk’s influence. Although the sector has undoubtedly benefited from his backing, the core technology and the possibilities for decentralized finance and other uses will probably continue to spur the acceptance of cryptocurrencies.

Furthermore, other influential figures in the industry, such as institutional investors and other high-profile individuals, are also driving the growth of cryptocurrencies. Therefore, Elon Musk’s influence is significant but only one of the factors in determining the industry’s viability.

Musk’s shift towards AI may indicate a new focus for the entrepreneur, but it is still being determined how it will affect his involvement in the crypto industry. While his statements have raised concerns among his followers, the industry will likely continue to evolve, driven by the underlying technology and the many factors that influence its growth and adoption.

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