It's no secret that ChatGPT is the talk of the town. Its technology has opened up countless doors and possibilities for the world of business, finance and education, with artificial intelligence being a technology that impacts absolutely everything.
Elon Musk seems to be completely passionate about artificial intelligence, even more so than before. Let's remember the CEO of Tesla was previously very concerned about what the future of artificial intelligence technology could bring.
With his satirical tone, he sent a bearish tweet for crypto Friday, saying that he had lost interest in crypto and that his obsession is now AI.
“I used to be in crypto, but now I got interested in AI"— Elon Musk (@elonmusk) March 3, 2023
As we already know, the volatility of crypto accelerates when Elon tweets, so the markets reacted to this comment. Dogecoin (CRYPTO: DOGE) dropped almost 0.5% in the few minutes that followed the tweet. In general, it is expected that when Musk makes comments about tokens like Shiba Inu (CRYPTO: SHIB) or other doggies, there will be interesting volatility to trade.
Benzinga's Take: But what does this tweet really hide? Is Musk really tired of crypto? Of course not — how could he be?
This tweet appears to reflect a wider trend in the technology industry, with a shift in focus toward artificial intelligence and away from previously popular trends like NFTs and the Metaverse. While some may interpret this as a sign that Musk has lost interest in cryptocurrency, it's important to note that he has been a longstanding advocate for the potential of blockchain technology to revolutionize finance and other industries.
As the technology industry shifts toward artificial intelligence, it's possible that the price of metaverse tokens and NFTs may continue to decline. With the buzz around these technologies waning, investors may start to look elsewhere for new opportunities.