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OpenAI CEO Sam Altman Shares Predictions, Challenges, and the Future of Cryptocurrencies!

Sam Altman, CEO of OpenAI, had already expressed interest in Bitcoin since 2013, as revealed in a previous blog post. At that time, the cryptocurrency was used by a limited group of enthusiasts and, unfortunately, individuals involved in criminal activities.


Altman contemplated the future of Bitcoin, speculating whether it could become the global reserve currency, fail entirely, or persist in a specific niche. He emphasized the importance of monitoring the metric of legitimate transaction growth, emphasizing that a currency without this primary use would be destined to fail. At that moment, Altman identified speculation as the dominant use case, with illegal transactions playing a secondary role.


While analyzing the positive, negative, and controversial aspects of Bitcoin, Altman drew comparisons between the cryptocurrency, gold, and the dollar, questioning whether it might be just a bubble, akin to the Tulip Mania in the 17th century. He underscored the importance of questioning the motivation behind Bitcoin purchases, noting that the pursuit of quick wealth was a common reason.


Altman acknowledged the steep decline of Bitcoin from $1,150 to $169, representing an 85% loss in just over a year after the publication. He identified two main reasons for acquiring Bitcoin at that time: the hope for quick enrichment and the remote possibility of becoming a global reserve currency.


Regarding Bitcoin's potential as a store of value similar to gold, Altman emphasized that this perspective could be a blind spot in his analysis, especially as he did not view gold as an attractive investment at that time. He also addressed the issue of Bitcoin's limited acceptance by merchants and challenges related to slow processing of withdrawals when converting to dollars.


The CEO of OpenAI recognized something intriguing unfolding, highlighting the positive prospect of a world where all transactions occurred in Bitcoin, promoting greater transparency and reducing financial corruption.


Ten years later, with Bitcoin trading at $42,000, Altman reflects on the growing interest in the asset from major players in the traditional financial market, whether through ETFs or direct sales. He concludes his thoughts, reinforcing the importance of not converting all dollars into Bitcoin, but also not entirely dismissing the cryptocurrency.


In conclusion, Altman ventured into the world of cryptocurrencies by founding Worldcoin (WLD), a controversial project proposing to distribute cryptocurrencies in exchange for a retinal scan, claiming it to be a fair way of distribution. Additionally, he highlights the potential use for distinguishing humans from artificial intelligences.

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