Coin Bureau host Guy Turner is warning that the controversial crypto project Worldcoin (WLD) could collapse within a year.
In a new video, Turner tells his 2.3 million YouTube subscribers he has concerns that the artificial intelligence-based altcoin, which uses iris-scanning technology, may not live up to its promise.
“So far the controversial crypto project has scanned over two million eyes around the world to develop what it claims is a decentralized digital ID in exchange for crypto.
Naturally, there have been plenty of concerns and opinions about Worldcoin and no shortage of speculation about whether its associated cryptocurrency is the next big thing or another VC (venture capital) pump and dump.”
Turner says that if the Worldcoin token does not achieve utility within one year, the project could implode once its hype cools. The privacy-focused project was co-founded by the chief executive of OpenAI Sam Altman.
He highlights how the project’s whitepaper states that “the community of users will determine the token’s utility.” However, Turner says that the Worldcoin “community currently has no way of doing this.”
“The absence of demand drivers could mean that the small amount of new supply coming from World ID users and the Worldcoin Foundation could be enough to suppress its price once the hype has faded. If utility isn’t introduced in a year’s time, selling by other WLD recipients could crush it.”
Worldcoin is trading for $2.32 at time of writing, down 1.2 during the last 24 hours.
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