GPT-4 AI Chatbot Predicts Potential Bitcoin Surge to $100,000 by 2024 Amid Favorable Conditions
Summary:
The latest version of AI chatbot, GPT-4, suggests Bitcoin's price could surge to $100,000 by 2024 under favorable conditions such as positive regulatory developments, increased adoption, and currency devaluation. It also mentioned the positive effect of a spot Bitcoin ETF approval, enhancing its liquidity and serving as a regulatory acceptance signal. GPT-4 also highlighted the potential role of AI in processing large amounts of market data, creating optimal trading strategies, and prompting technological advances in blockchain. However, it warned about the substantial risks of using AI in trading, such as the threat of hacking and cyber-attacks.
The newest iteration of an artificial intelligence (AI) chatbot, GPT-4, suggests that Bitcoin's (BTC) price could potentially rise to $100,000 by 2024, given a number of favorable circumstances align. This statement was made by the chatbot in response to a query posed by Cointelegraph on New Year's Day regarding the possibility of Bitcoin hitting such a figure this year and the role of AI in achieving this goal. While ChatGPT admitted that such a scenario is theoretically possible, it also cautioned that speculating about such an event still entails significant risk.
ChatGPT provided a list of general factors that might lead to this possible scenario unfolding. Among them, it cited favorable changes in regulatory terms, an increase in acceptance from both retail and institutional entities, and the potential impact of currency devaluation or inflation.
The AI chatbot also spoke about the potential positive influence on Bitcoin's price that could stem from the approval of a spot Bitcoin exchange-traded fund (ETF). It explained that such approval could increase accessibility and liquidity of the asset and could also serve as a signal for institutional investors of regulatory acceptance, thereby encouraging their entry into the market.
On the question of how AI could help Bitcoin reach $100,000 within the next couple of years, ChatGPT explained that AI's contribution to this goal could come through influencing market analysis, crafting trading strategy, and advancing broader technological innovations within blockchain. ChatGPT explained that AI algorithms possess the ability to process massive amounts of market data and spot trends and patterns that could elude human analysts. AI-driven trading bots could also execute trades at the optimal time based on market conditions, reacting much quicker than humans in a high-speed market environment.
However, the AI chatbot also warned of the considerable risks involved in employing AI in trading, such as the threat of hacking and cyber-attacks. As an example, it cited a 2022 incident where a trading bot, with the help of an arbitration trading opportunity, amassed $1 million, only to lose it all when a hacker tricked it into authorizing a fraudulent transaction.
Published At
1/1/2024 1:00:00 PM
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