Worldcoin shoots up 25% after release of Apple feature competitor and expansion of client countries

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Last Updated on 27 September 2024 by CryptoTips.eu

Worldcoin, the cryptocurrency founded by the well-known CEO of Open AI, Sam Altman, climbed back to the $2 level this week. The surprise move comes after many analysts declared the coin had crashed earlier this month.

The jump higher comes after the launch of a feature that could rival Apple’s ‘Face ID’ technology and the expansion of its customer base in countries such as Poland and Malaysia, expanding the reach for Worldcoin.

Worldcoin was once seen as a highly promising crypto project due to its connection with ChatGPT (the very popular technology that ensures the value of OpenAI is estimated at 150 billion dollars). The cryptocurrency founded by Sam Altman received free global publicity because its founder was the CEO of the company behind ChatGPT.

However, the many privacy issues the digital currency faced made it go through a very complicated few months this summer, which saw the price of Worldcoin fall from $11 (the maximum in March this year when Bitcoin also hit a new record) to $1, or a crash of more than 90%. According to several analysts, the coin would never recuperate from this point.

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Face ID

In the last week however, Worldcoin appears to have started another rally. The number of investors increased and the price also rose rapidly. With around 25% gains in the last week, Worldcoin is one of the best performing cryptocurrencies in the CoinMarketCap top 100.

The reason for this turnaround is twofold. First, there was an article in Newsweek, a well-known American business magazine, that described Worldcoin’s new technology for recognizing someone’s face, called Face Auth, as a real competitor to Face ID, Apple’s technology that allows you to unlock your iPhone (and open many apps) with your face.

Secondly, there was a new expansion of Worldcoin’s possible customer base. Although there are problems with privacy legislation in various countries, some continue to open their doors. Malaysia and Guatemala are not important economies, but Poland is one of the largest countries in the European Union and an important growth engine for Sam Altman’s new company.

Is this the start of a true revival for the Worldcoin price?

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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