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Mike Novogratz Backs Worldcoin to Skyrocket — “You Don’t Want to Bet Against Sam Altman”

Published August 1, 2023 11:43 AM
Teuta Franjkovic
Published August 1, 2023 11:43 AM
Key Takeaways
  • According to reports, Mike Novogratz believes that Worldcoin (WLD) has a bright future
  • Novogratz said the present artificial intelligence frenzy would cause Worldcoin’s price to increase
  • He praised BlackRock CEO Larry Fink for trying to establish an exchange-traded fund (ETF) for spot market Bitcoin (BTC)

Mike Novogratz, CEO of Galaxy Digital Holdings, recently discussed various subjects, including Sam Altman’s eyeball-scanning Worldcoin project and Galaxy’s commitment to maintaining a presence in New York. He also referred to a recent decision in the Securities and Exchange Commission’s case against Ripple Labs as a “huge victory” for cryptocurrency.

One of Wall Street’s most outspoken proponents of cryptocurrencies, Novogratz, a former partner at Goldman Sachs Group Inc. and Fortress Investment Group, initially purchased Bitcoin when the price was around $100. He established Galaxy Digital in 2018, which offers financial services to the cryptocurrency sector, such as trading, investment banking, and asset management.

WLD Going To Rise Only Because of the AI Hype

When questioned about the potential success of Worldcoin, Novogratz responded, “You don’t want to bet against Sam Altman right now.” (Altman, a co-founder of Worldcoin, is also the brains of ChatGPT) A tiny device called an “orb” is used by Worldcoin to scan users’ eyes and create a special digital identity for use online. The project’s token more than doubled in value this week at launch before falling from those highs.

“Because of the hype cycle surrounding artificial intelligence, I believe the price of Worldcoin may increase significantly, Novogratz added. “I’m not sure if we’ll all choose to use that as our identity,” he said.

Many in the sector have been alarmed by the SEC’s enforcement actions against the largest crypto businesses this year. The judge determined that Ripple’s XRP coin constituted a security in some circumstances but not in others, according to the latest court judgement in the SEC’s lawsuit against Ripple. According to Novogratz, this is a triumph for the cryptocurrency industry since it shows that “the rules are nothing close to clear.”

As for Galaxy, it continues to be devoted to New York even as it shifts some of its operations overseas. “I don’t see us not being in the US or in New York,” Novogratz remarked.

Widespread Criticism of Worldcoin Launch Due to Privacy Risks

Some groups have criticized and rejected Worldcoin because they believe that its concept poses a risk to user security and privacy. Using the iris as a digital ID raises ethical and practical concerns because it is very sensitive and immutable biometric data that could be misused for nefarious or discriminating purposes.

The fact that Worldcoin stores user data on a centralized server has also drawn criticism because it may make it easier for hackers to access or leak user data. The option of sharing the data with governments, businesses, or outside groups, as well as transparency and clarity regarding the usage and destination of the data, have all drawn criticism.

Edward Snowden, a former NSA analyst, and whistleblower, is one of Worldcoin’s opponents. In an October 2021 Twitter conversation, he cautioned against the dangers of this project. Despite the complaints, Worldcoin has drawn more than two million users from 120 different countries who have enrolled and had their irises scanned in exchange for gratuitous tokens.

Most users are young people interested in technology and encryption and see Worldcoin as a chance to try something new that might be rewarding. At a crypto conference in Tokyo, attendees gathered in a line in front of an Orb with signs announcing that “The Orbs are here.” Before obtaining the promised 25 free Worldcoin tokens that the corporation claims verified users can claim, applicants lined up for the device to scan their irises.

Users have stated that they evaluated their interest in the project against their worries about data collecting. Worldcoin asserts that, mostly during a testing phase over the previous two years, it has granted identifications to more than two million people in 120 countries.

Despite the debate and conflicting views, Worldcoin nevertheless sparks curiosity among those looking for fresh possibilities in the cryptocurrency industry.

Worldcoin (WLD) Modifies Strategy to Win Over Investors

With much enthusiasm, Worldcoin (WLD) made its debut on July 24 and saw a considerable price increase since its original listing. Worldcoin (WLD), which first chose the Polygon network as its launchpad, eventually chose to switch to Optimism, an Ethereum-based layer 2 scaling solution, in order to improve its scalability and performance.

Additionally, co-founder of Worldcoin (WLD) Alex Blania declined to provide any details regarding the token’s distribution in a recent interview. The action reduced investor interest in Worldcoin (WLD), which caused the price to fall.

According to the CoinMarketCap , at the time of writing, the WLD price stood at $2.31 with a 24-hour trading volume of $131,841,735. Worldcoin was rising by 3.51% in the last 24 hours. The current CoinMarketCap ranking is #115, with a live market cap of $264,960,063.

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