BTC - ChatGPT Founder Sam Altman Is Launching a New Crypto. What Does It Mean for Bitcoin?
2023-05-19 07:50:00 ET
Sam Altman, the chief executive officer of OpenAI (the creator of ChatGPT), is introducing a cryptocurrency called Worldcoin. He has reportedly lined up $100 million from high-profile venture-capital investors, and he has already released a World App crypto wallet that can be downloaded to your mobile phone. Altman has big plans for Worldcoin as the first-ever cryptocurrency to be held by every person on the planet.
So what would this new crypto mean for Bitcoin (CRYPTO: BTC), currently the world's most popular digital currency? After all, in more than a decade, Bitcoin has never fulfilled some of its earliest ambitions -- such as replacing fiat currency or becoming a ubiquitous form of online payment. Could the rise of a new competitor force investors to rethink Bitcoin's valuation?
Worldcoin is an ERC-20 token for the Ethereum (CRYPTO: ETH) blockchain. What this means in practical terms is that Worldcoin will look (and trade) much like the cryptocurrencies that investors are already familiar with. Some of the biggest cryptocurrencies by market cap are ERC-20 tokens, including Shiba Inu (CRYPTO: SHIB) and Uniswap (CRYPTO: UNI). So in this regard, Worldcoin is not breaking any new ground.
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ChatGPT Founder Sam Altman Is Launching a New Crypto. What Does It Mean for Bitcoin?