Bill Gates refutes Musk’s call to pause AI research: Will AGIX, FET, RNDR recover?

• Microsoft’s Bill Gates told Reuters that the call to pause AI won’t tackle the challenges that Musk and the others are concerned with. 
• Artificial Intelligence coins narrative took a back seat with growing fears around democracy and transparency issues. 
• AGIX, FET and RNDR wiped out their gains from the past week; it remains to be seen whether the AI coins will recover. 

Artificial Intelligence (AI) narrative lost its relevance over the past few weeks with rising concerns surrounding democracy and transparency. Bill Gates, the founder of Microsoft recently refuted the open letter by Elon Musk and other influencers, requesting a pause on AI research.

Gates believes a pause on AI research may not solve the issues concerning its development and usage. It remains to be seen whether AGIX, FET and RNDR prices recover with recent developments in AI, and in response to Gates’ comments. 

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Elon Musk and a group of AI experts request pause on AI research

Elon Musk, the billionaire CEO of Tesla, alongside a group of AI experts called for a six-month pause on the development of AI systems superior to OpenAI’s GPT-4. The experts cited a risk to society, in their letter and expressed their concerns on the fast-paced development of AI systems. 

Open Letter by Musk and experts

The letter has gathered 12,899 signatures for noteworthy personalities and influencers, calling for a pause on AI research and citing key issues and potential negative impact on civilization. 

Bill Gates dimisses Musk’s concern, says “pause” won’t tackle AI issues 

Bill Gates told Reuters that a pause in research would fail to suffice the concerns like democracy, transparency, among others, cited in the open letter. According to Gates, the age of AI has begun. The Microsoft co-founder was quoted as saying:

I don’t think asking one particular group to pause solves the challenges. Clearly there’s huge benefits to these things, what we need to do is identify the tricky areas.

Gates’ statements act as reassurance to the community of AI token holders awaiting further development in projects working in the Artificial Intelligence sector. 

AI fears loom in Germany, France and Sweden

Gates’ statements may have failed to alleviate the concerns of regulators in European nations of Germany, France and Sweden. Italy recently announced an outright ban on AI chatbot ChatGPT and concerns among other countries continue mounting. 

Regulators in Germany, France and Sweden have expressed concerns over democracy and transparency issues concerning AI. While regulators look for answers and solutions to the responsible use of AI chatbots and technology, an outright ban may not be the right answer in the long-term. 

AI coins: AGIX, FET and RNDR

While the fate of future development and research in Artificial Intelligence hangs in the balance, AI token holders witnessed a negative impact on coin prices. SingularityNET (AGIX), Render (RNDR) and Fetch.ai (FET) have wiped out their gains over the past week and yielded losses for holders. 

AGIX

Rutradebtc, a crypto analyst on Twitter shared his bearish thesis on AGIX price. The AI token nosedived 32% from its mid-March peak of $0.58. The analyst notes that SingularityNET’s token is respecting the bearish order flow in the four-hour timeframe, as seen in the chart. 

The analyst is awaiting the next round of gains in AGIX, and notes that currently the AI coin is facing rejection, and is in a short-term downtrend. 

FET

FET started its downtrend in the first week of February 2023. The AI coin is currently sitting on support at $0.35. Goomba, a crypto analyst and trader believes there is a likelihood of a recovery in FET and the target is $0.60. 

FET/ USDT price chart

According to the analyst, key targets on the upside are $0.60, $0.87, $1.1. A decline below support at $0.35 could invalidate the analyst’s bullish thesis for the AI coin.

RNDR

BigCryptoT, a technical expert argues that RNDR is currently undervalued. The AI coin is in at the range equilibrium. According to BigCryptoT’s bearish thesis, RNDR is likely to nosedive or bounce from the range equilibrium and $1.3 is acting as support for the AI coin. 

RNDR/USDT 4H price chart 

RNDR is in an ascending parallel channel, therefore a decline below the lower trend line supports a bearish thesis for the asset.