ELON MUSK, THE BUSINESS MAGNATE AND HIS INVOLVEMENT WITH AI AND CRYPTO

Elon Musk and his entanglement with AI and Cryptocurrency

Elon Reeve Musk is an entrepreneur and business tycoon. He is the founder, CEO, and Chief Engineer at SpaceX, early-stage investor, CEO, and Product Architect of Tesla, and co-founder of Neuralink and OpenAI. Inventions of Elon Musk include- Hyperloop, Zip2, online city guides, SolarCity, solar-power systems, Electric Jet, Web-based phone calls, Location-specific searches, Blastar, video games.

Presenting Elon Musk’s contribution towards the ongoing trend that covers AI as the most advanced digital technology and Cryptocurrency, the virtual currency.

Elon Musk and AI

Elon Musk calls AI the most dangerous warning for humanity. He says he is not against digital transformation but when it is about AI, he has a very different view. He also claimed to be careful about the advancement of AI. Going forward with robust AI systems is a more significant mistake that can result in threatening conditions for humanity, says Musk.

Elon Musk says adopting AI is like “Summoning the Demon”. He believes that artificial intelligence can evoke the next world war and result in dominating the world and that robot leadership is a threat to the world. He also warns that the world will never be able to escape when those intelligent AIs will become deathless authoritarians.

He believes that the development of AI should be done with improved regulations and controlling structures. He wants AI to be controlled and structured even for his own brand Tesla. He also proclaimed that he already has experience working with AI so he knows what he is saying and has confidence in it. He further believes that the world will proceed in a state where AI is more intelligent than humans. The time frame is not more than 5 years when AI will take over the world and things would get weird and unstable. Musk claims AI will outsmart humanity and overtake human civilization in less than five years and also that AI and robots will take over everyone’s jobs and will do everything better than us. According to him, AI is the real existential risk to humankind and people should not cherish that.

Elon Musk is working hard to save the world from AI. As a result, he wants the technologies to be developed responsibly and with proper vision and oversight. He wants the government to develop teams and take a look over it. He also said that if the government can’t then he is ready to take the charge by himself. In the past few years, Elon has spent enormous resources on tech industries that are responsible for the development of intelligent machinery. However, he is considered working on technology that would give humankind an acceleration in a possible AI catastrophe.

Elon Musk and Cryptocurrency

Elon has become connected with the ongoing trend of Cryptocurrency. The relationship between Elon and Cryptocurrency has been a complex one. At the first stage of cryptocurrency, Elon expressed his love for virtual currency by endorsing it. But with a motion of change, he communicated his thoughts about crypto being terrible for the environment. But every time Elon tweets about Crypto, the market seems to react to those tweets. This part indicates the participation of Elon Musk’s tweet in crypto market movements.

Elon’s suspicion around cryptocurrency took a better turn as he proceeded to a more committed crypto journey. Tesla has invested around $1.5 billion in Bitcoin. Also, Elon announced that he has planned to accept digital currency as payment for its high-end vehicles. Immediately with this announcement and investment, the price of Bitcoin has risen to 15.4% to around $44,500.

But in April this year, Tesla sold 10% of its Bitcoin holdings to test its liquidity, and this caused agitation among the investors. Elon also mentioned that Tesla will no longer accept payments in Bitcoin because of its high energy consumption. This decision led to the downfall of cryptocurrencies and Bitcoin fell to nearly $30,000.

But soon, Elon tweeted showing his support for cryptocurrency. Following the tweet, the value of Bitcoin jumped 19% to trade at $39,944.