ChatGPT Prediction: There Is A Possibility That Bitcoin Will Reach 100 Thousand Dollars In 2024

ChatGPT predicts Bitcoin could reach 100,000 US dollars this year (photo: dock. pexels)

JAKARTA - According to ChatGPT, the latest version of AI chatbots, artificial intelligence (AI) can play a role in a scenario where the price of Bitcoin drops to US$100,000 (Rp1.5 billion) by 2024.

On January 1, Cointelegraph asked the AI chatbot if the price of Bitcoin could reach 100,000 US dollars this year and how AI could play a role in achieving those results. According to ChatGPT, it is "theoretically possible" for Bitcoin to reach 100,000 US dollars by 2024 if a series of favorable conditions are met. However, ChatGPT also noted that this " remains highly speculative."

After that, ChatGPT provided several common factors that could contribute to the scenario, including the development of positive regulation, increasing retail and institutional adoption, as well as currency or inflationary devaluation.

ChatGPT also states that the approval of the Exchange-Trad Fund (ETF) Bitcoin spot can have a positive impact on prices, as it will provide greater accessibility and liquidity to these assets. It can also encourage institutional investors to enter the market, as the approval can be considered a sign of regulatory acceptance.

Cointelegraph then asked ChatGPT how AI could contribute to achieving a Bitcoin price of US$100,000 by 2024. The chatbot explained that AI could play a role through its influence on market analysis, trading strategies, and broader technological advances in blockchain.

ChatGPT explains that AI algorithms can process large amounts of market data and identify trends and patterns that human analysts may miss. It says that AI-backed trading bots can also execute trading at an optimal time depending on market conditions, also noting that bots can react much faster than humans in a fast market environment.

Despite the benefits of using AI in trading, ChatGPT also highlighted the significant risks that accompany it, such as hacking and cyberattacks. In 2022, a trading bot earned $1 million through arbitration trading opportunities, but a hacker then tricked the bot into granting permission to malicious transactions, draining all funds.