Finance
ChatGPT Forecasts for Cryptocurrency Prices: Bitcoin at $300,000
ChatGPT quickly became the topic of many discussions and opened up new opportunities in various fields. While ChatGPT can be used for entertainment, some people are already successfully implementing it in their work, making the process faster and more productive. On the contrary, others criticize the chat and talk about a possible future catastrophe for humanity.
The cryptocurrency community has also caught up with the trend and asked it about the future price of Bitcoin. We’ll talk about this in more detail, but for now, let’s find out what ChatGPT is.
Definition and functions
ChatGPT is a chatbot with a large language model developed by OpenAI based on GPT-3.5. It can interact in a conversational dialogue and give answers that may seem human. ChatGPT is powered by Reinforcement Learning with Human Feedback (RLHF). RLHF is an additional layer of training that involves a human to help AI gain the ability to follow directions and give responses that appear natural.
You can entrust ChatGPT with almost any text-related task. Of course, this doesn’t mean that it will be done perfectly, but the bot will take it on. Gradually, artificial intelligence will improve and perform your tasks better and better. We have selected a few examples of tasks that we believe ChatGPT can already handle. This includes simple communication, texting, replying, creating tasks, translating, and much more.
Neural network and cryptocurrency
Recently, former Coinbase CEO Balaji Srinivasan suggested that Bitcoin will soon reach $1 million. This intrigued many of the coin holders. Some analysts turned to ChatGPT out of curiosity to refute or confirm these rumours. Initially, they received a reply that artificial intelligence did not have such information, but several attempts brought results.
Chat believes that in seven years, the price of one coin will reach $300,000, which is +$25,000 annually. Other users have made even more optimistic predictions, according to which Balaji Srinivasan’s guesses are confirmed.
Advantages of Bitcoin
There are many of them, but let’s look at the most important ones:
- Decentralization. Unlike fiat money, Bitcoin is not controlled by the central bank or government. For example, the number of crypto coins to be issued in the Bitcoin payment system is set at the software level. Neither miners nor other members of the crypto community can influence this. Whereas in the traditional financial system, central banks can start printing money.
- Virtual currency. Bitcoin is a virtual currency that is fundamentally different from other electronic money. Virtual money is not regulated by the state and central bank, while e-money is issued by a bank. Since all banks report to a central bank, electronic money is centralised in the same way as fiat money.
- Transactions are conducted online. Unlike fiat money, all Bitcoin proceedings are conducted online. They contain publicly available blockchain addresses that can be used to trace their owners.
- Information cannot be hidden/destroyed. All Bitcoin transactions are permanently recorded in an immutable public ledger. They cannot be hidden or destroyed. And fraudsters can still launder money with cash.
Conclusion
It is up to you to believe ChatGPT forecasts. But if you look at the analytics, Bitcoin tends to grow. So, over time, the price will be higher, even if not by that much. As for artificial intelligence, it can both help in many areas and simply entertain. Use it wisely and it will not harm you.
