Chatbots answered the question about the future of bitcoin
Date: 2023-06-13 Categories: IN WORLD
The experiment involved ChatGPT 3.5 and ChatGPT 4 from OpenAI, Bard from Google, Claude Instant and Claude 4 from Anthropic, as well as Bing AI creative mode.
ChatGPT 3.5 found it difficult to assess the potential of Bitcoin and other digital assets, citing existing “problems and uncertainties.” In his opinion, the likelihood of achieving reserve currency status depends on “current events and the evolution of the cryptocurrency ecosystem.”
Bard pointed to the need for greater adoption of bitcoin by central banks and other financial institutions, as well as greater price stability and improvements in blockchain technology.
“If bitcoin can overcome these challenges, it could become a global reserve asset within the next decade. However, it is also possible that this will never happen, or that it will take much longer to achieve this goal,” the bot added.
Claude 4, based on an "analysis of the properties of bitcoin and the current global financial system," assessed the likelihood of bitcoin being recognized as a reserve currency from low to moderate over the next 10-15 years.
Claude Instant, referring to bitcoin's "significant hurdles" in the form of stability and acceptance issues, called such a development unlikely in the next 5-10 years.
ChatGPT 4 also stated that it would take “several years or even decades” for bitcoin to achieve reserve currency status. The chatbot noted "volatility", "regulatory requirements", "competition from other cryptocurrencies" and "technological risks" of the first cryptocurrency.
Bing AI listed a number of factors that will determine the fate of bitcoin. Among them:
mass acceptance of the asset, including by financial institutions;
technology innovation and improvement, scalability and usability;
regulation and management of the legal status of the coin, taxation and regulatory compliance;
competition and interaction with other crypto assets and fiat currencies.
Only Bard and Claude 4 provided a potential probability and a possible time frame. ChatGPT 3.5 noted that its information was based on data available through September 2021. ChatGPT 4 also warned that "it cannot predict the future with certainty."
