Recently, Worldcoin has been the talk of the crypto town, fueled mainly by its connection to the success of ChatGPT. This new crypto project, led by Sam Altman, the co-founder of OpenAI, is turning heads in the crypto market. Just like ChatGPT made waves in its field, many investors and market analysts predict that Worldcoin could do the same in the crypto market. In light of this, investors are still deciding whether to place bullish bets on WLD’s price or wait for a potential price dip due to the current market unpredictability.
Worldcoin Raises Concerns As Regulators Scrutinize
Worldcoin (WLD), a project by San Francisco and Berlin-based Tools for Humanity, recently went live on Binance. The firm, which recently raised $115 million, creates a World ID for users via an orb-shaped scanner and plans to develop a digital wallet, the World App.
Despite attracting over 2 million users across 20 countries, the project has faced scrutiny over data privacy, with French and UK regulators questioning its data collection methods and storage of biometric data.
Worldcoin’s iris scan technology identifies individuals by capturing unique patterns in their eyes, thereby collecting basic personal data to prove their humanity. However, this process raises privacy concerns.
By signing up for the project and undergoing the iris scan, users potentially risk their data being sold to third parties, leading to a potential breach of privacy. Hence, these privacy concerns could create a bearish future for WLD crypto if not properly addressed.
Ethereum’s Co-Founder, Vitalik Buterin, recently pointed out in a blog post that while Worldcoin’s use of high-tech biometrics is certainly unique, it’s not without issues. He mentioned potential problems like the risk of users’ data being exposed online and privacy violations.
Here’s Why You Should Wait Now
Worldcoin’s use of iris-scanning technology for user identification has raised privacy concerns and attracted regulators. Until these issues are adequately addressed, it might be better to hold off on investing.
Moreover, Worldcoin is a relatively new project. Waiting allows more time to assess its development, adoption rate, and overall potential. WLD price already dropped by over 50% on Binance, currently trading at $2.3.
On one hand, buying now allows you to potentially benefit from future price increases. If Worldcoin makes an upward trajectory, early investors could see substantial returns.
On the other hand, the volatile nature of the crypto market means that price drops are always a possibility. Waiting for a dip could allow you to buy Worldcoin at a lower price. However, making a perfect entry is quite difficult, and there’s a risk that you could miss out on potential gains if the price rises from current levels.
Deciding if Worldcoin is the right investment now hinges on your investment goals, risk tolerance, and faith in its future. It is wise to wait, watching its evolution, privacy response, and regulatory handling before investing.