ChatGPT on Bitcoin’s $100,000 Potential, AI’s Role

According to GPT-4, the most recent version of the AI chatbot ChatGPT, artificial intelligence (AI) has the potential to play a part in a scenario in which the price of Bitcoin (BTC) reaches $100,000 in the year 2024.

ChatGPT on the possibility of Bitcoin reaching $100,000. Source: ChatGPT

It is “theoretically possible” for Bitcoin to reach $100,000 in 2024, as stated by ChatGPT, provided that several positive variables come together.

However, it was also mentioned that this scenario “remains highly speculative.” Following this, ChatGPT also listed some broad elements that could lead to such a scenario.

These aspects include favorable regulatory developments, increased retail and institutional usage, and currency devaluation or inflation.

ChatGPT on the approval of a spot Bitcoin ETF. Source: ChatGPT

Overall, these factors could contribute to such a scenario. ChatGPT also stated that the approval of a spot Bitcoin exchange-traded fund (ETF) might have a favorable impact on the price of the commodity because it would make the currency more accessible and increase its liquidity.

Furthermore, the permission can be interpreted as a sign of regulatory endorsement, potentially inspiring institutional investors to enter the market and participate.

Within the context of blockchain technology, the chatbot noted that artificial intelligence might potentially play a role due to its impact on market analysis, trading tactics, and broader technological breakthroughs.

ChatGPT revealed that artificial intelligence algorithms can process enormous amounts of market data and recognize patterns and trends that human analysts could overlook.

According to ChatGPT, trading bots powered by artificial intelligence can execute deals at optimal times based on market conditions. Furthermore, ChatGPT states that bots can react much faster than humans in a fast-paced market setting.

ChatGPT states that using AI in trading has advantages, but it also poses substantial hazards, such as the possibility of being hacked or subjected to cyberattacks.

By taking advantage of an arbitrage trading opportunity in 2022, a trading bot was able to amass one million dollars. However, a hacker was able to mislead the bot into authorizing a harmful transaction, which resulted in the bot losing all of the money.