XRP Can Become Stablecoin, Elon Musk’s AI Grok Says

Wed, 7/02/2024 – 15:05

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Contents

  • Here’s how XRP can become stablecoin, per Grok
  • Bedrock founder doubts xAI potential vs. OpenAI

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X/Twitter user “Digital PerspectivesPermaBull,” an XRP fan with 158,100 followers, has shared the results of a recent “conversation” with the Grok AI chatbot that runs on the X network available for Premium+ users.

He had talked to Grok about his favorite cryptocurrency, XRP, asking whether it can become a stablecoin in the future.

Here’s how XRP can become stablecoin, per Grok

The AI chatbot launched by Elon Musk’s recently founded xAI startup believes that XRP can be turned into a stablecoin with help from Automated Market Makers AMMs; they would work as a stabilization mechanism, using USDC or another similar stablecoin.

AMMs will manage the XRP supply to ensure the coin has a stable value via a liquidity pool, which will contain both XRP and USDC. When the XRP price jumps above the target value, an AMM would sell XRP for USDC to bring it back down (by increasing the XRP supply). When the XRP price goes below the target value, it will buy XRP with USDC to decrease the supply and lift the price, according to Grok’s layouts.

This could be a “game changer,” “Digital PerspectivesPermaBull” concluded.

Bedrock founder doubts xAI potential vs. OpenAI

When appearing on the Squawk Box show this week, Bedrock founder Geoff Lewis was asked about the situation between Elon Musk and OpenAI, when the former accused the company of being “woke” in early 2023.

Host Andrew Sorkin reminded the audience that Elon Musk invested his own funds into OpenAI in 2015 but then quit the managing board when the company decided to turn from a nonprofit into a profit-making company.

Lewis believes that OpenAI is now a leader of the AI industry with its innovative ChatGPT bot, which has half of the X platform’s active user base already. He understands that Musk might be a little upset, but he wonders if the xAI startup launched by the X boss recently will actually be able to compete with OpenAI, to make large profits and offer a new approach to using AI chatbots.

Besides, Lewis pointed out, OpenAI has a stable partnership with Microsoft, and they are going to expand their presence on the AI market aggressively in the years to come. It might be hard to beat that for Musk.

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