According to GPT-4, the most recent iteration of ChatGPT, an AI chatbot, artificial intelligence (AI) may come into play if Bitcoin’s price hits $100,000 in 2024.
The AI chatbot was questioned by Cointelegraph on January 1st about whether Bitcoin would reach $100,000 in value this year and how AI might contribute to this outcome.It’s “theoretically possible,” per ChatGPT, for Bitcoin to hit $100,000 in 2024 should a number of favorable factors come together.It did, however, add that this “remains highly speculative.”Following this, ChatGPT also offered several broad elements—such as favorable regulatory developments, heightened acceptance among retailers and institutions, and inflation or devaluation of the currency—that might support such a scenario.
Additionally, according to ChatGPT, the introduction of a spot Bitcoin exchange-traded fund (ETF) might have a favorable effect on the price because it would increase the asset’s accessibility and liquidity.Because the permission could be interpreted as a signal of governmental acceptance, it might also inspire institutional investors to join the market.
Then, Cointelegraph questioned ChatGPT about how AI might help Bitcoin hit $100,000 by 2024.The chatbot clarified that artificial intelligence (AI) might be involved via influencing trading tactics, market analysis, and more general blockchain technology breakthroughs.AI systems, according to ChatGPT, can analyze vast volumes of market data and spot patterns and trends that human analysts might overlook.It was mentioned that, depending on the state of the market, AI-driven trading bots might also execute deals at the best times. It was also mentioned that, in a fast-paced market, the bots can react far faster than humans.
Although utilizing AI in trading has advantages, there are also major hazards associated with it, like hacking and cyberattacks, according to ChatGPT.Through an arbitrage trading opportunity, a trading bot made $1 million in 2022. However, a hacker misled the bot into accepting a malicious transaction, which resulted in the loss of all the funds.