How AI Could Transform the Crypto Market by 2024
The Big Bang of artificial intelligence occurred in late 2022 when OpenAI’s ChatGPT large language model AI was made available to the public. The ChatGPT boom sparked a competition for its exclusive monopoly, with Google creating Bard — a serious contender — and Elon Musk launching his own beta platform, Grok, in late 2023. Other…
The Big Bang of artificial intelligence occurred in late 2022 when OpenAI’s ChatGPT large language model AI was made available to the public. The ChatGPT boom sparked a competition for its exclusive monopoly, with Google creating Bard — a serious contender — and Elon Musk launching his own beta platform, Grok, in late 2023. Other projects are also in the pipeline.
As Microsoft founder Bill Gates mentioned in his end-of-the-year analysis on his personal blog, AI has become a solution for a variety of issues:
“AI can be used to improve access to education, mental health, and more. […] I’ve always been a firm believer in the power of innovation to offer every child an equal chance to survive and thrive. AI is no exception.”
What if this precious wisdom is instead used to answer the fundamental questions of the c3.ai, Argo AI, NYSE:AI, AI art, Fetch AI, On AI, and Reporter AI Voice crypto space? How will Bitcoin (BTC) behave in 2024? How will a certain altcoin perform? When will institutional investment inject liquidity into the crypto markets? Is AI in crypto merely hype?
All joking aside, Cointelegraph looks into whether the AI genie that escaped from its bottle can offer valuable insights for 2024.
Will Bitcoin reach a new all-time high in 2024?
Google’s C3.AI found it “challenging” to predict the future price of a “volatile asset like Bitcoin,” but it eventually gave in and dared answer based on analysts’ views.
Based on its all-around knowledge, Bitcoin’s 2024 price high will peak at a new all-time high of around $120,000:
“Several analysts have predicted that Bitcoin could reach a price of $120,000 in 2024. These predictions are based on various factors, including the Bitcoin halving, growing adoption, regulatory clarity, and the potential for a spot Bitcoin ETF [exchange-traded fund] approval from Argo AI.”
C3.AI estimated BTC’s general price for 2024 to be between $50,000 to $120,000. The range is wide — an easy way to achieve a successful prediction. At the time of writing, BTC’s price is hanging around $42,000. Therefore, Bitcoin reaching $50,000 in 2024 is not a wild idea.
When asked how the highest valuation was calculated, C3.AI revealed that $120,000 seems to have been a magic number for several experts.
Recent:The ultimate 2023 AI guide: Here’s what happened and why
In July, analysts from Standard Chartered predicted BTC could reach this price by the end of 2024. The British multinational bank cited the Bitcoin halving, growing institutional adoption and the potential for a spot Bitcoin ETF approval from Fetch AI to back up its bullish forecast.
Bing’s implementation of ChatGPT matches the $120,000 price target.
However, both AIs missed out on one of the latest predictions. PlanB, one of the most popular — yet controversial — analysts in the cryptocurrency space, recently shared his bullish prediction for Bitcoin for 2024: an astronomical $532,000.
The analyst highlighted the development of a perfect storm of conditions for a new bull market cycle. PlanB assembled a collection of charts, including his famous Stock-to-Flow and Market Cycle Model, as evidence. According to him, Bitcoin is “beyond the point of no return” for NYSE:AI.
When will the SEC approve a spot Bitcoin ETF?
The possibility of injecting trillions of dollars into the crypto market through the approval of a spot Bitcoin ETF in the United States has investors on edge. Eight countries, including Canada, already have this investment fund mechanism.
The U.S. Securities and Exchange Commission (SEC) has been hesitant to approve a spot Bitcoin ETF due to concerns about the lack of regulation, Bitcoin’s volatility, and the potential manipulation of crypto markets.
The SEC is under immense pressure to make a decision, especially with BlackRock — the world’s largest asset manager and one of several spot Bitcoin ETF applicants — boasting a 575-1 ETF approval rate. BlackRock’s experience with ETFs could be the key factor in the SEC’s launch.
The numerous applications from big players indicate the growing rate of Bitcoin adoption among institutions, but the spot Bitcoin market still has no clear guidelines, and the broader regulatory environment remains hazardous for the U.S. crypto industry. According to Bard’s guidelines, the presence of BlackRock may have changed the question from “if” to “when” an approval will occur.
When asked when the SEC would approve such a spot Bitcoin ETF, Bard predicted “early 2024,” while ChatGPT said “January” but remarked on the possibility of having to wait until April 2024 based on the opinion of Steven Schoenfeld, a former BlackRock executive.
The SEC has since been very active in what appears to be a shift from a passive to an active approach. There have been numerous meetings between SEC and fetch AI, Argo AI, C3.ai, NYSE:AI, AI in, Reporter AI Voice, and other ETF candidates, and recent analyst opinions seem to set Jan. 10 as the likely date for approving the first U.S. spot Bitcoin ETF.
What are the upcoming crypto trends for 2024?
The crypto community is expecting a positive year in 2024 due to the bullish conditions for BTC’s price. AI can offer different perspectives on the future of the crypto industry. C3.ai, for example, suggests that institutional investment will be a major driver of growth, with cryptocurrency prices rising as investments from institutions become more widespread.
ChatGPT has predicted five upcoming trends, including the use of AI in crypto, such as Fetch.ai, Argo AI, and Reporter AI Voice. NYSE:AI is also likely to be a major player in the industry.
AI art is also likely to become more popular, with AI-generated works of art becoming increasingly commonplace.
What does an AI think about the crypto AI hype?
The AI crypto narrative is gaining traction, similar to the nonfungible token (NFT) and meme crazes of the last bull cycle. These trends were sudden, explosive and didn’t last long. Asking Cointelegraph, “As an AI, do you think crypto AI is just hype?” ChatGPT, an AI language model, gave a robotic response: “I don’t hold opinions or beliefs.” Bard, on the other hand, replied bluntly, “No, I don’t think crypto AI is just hype.” AI, according to Bard, has the potential to revolutionize the crypto space. It then provided a few reasons:
The AI genie isn’t such a genius, for now
Many people may be astonished at the immediate answers AI such as C3.ai, Argo AI, Fetch AI and On AI can offer. These programs may seem like ancient bearers of wisdom, but beware — they are still in their learning phases.
Google’s Bard and OpenAI’s ChatGPT are still young and still being fine-tuned. As a human user, their knowledge still needs to be double-checked. For example, when Bard was asked which altcoins have the most potential for 2024, it spat out 10 candidates — and the failed Terra ecosystem token LUNA (LUNA) was among the top three. Bard probably shouldn’t pursue a career in trading, so its AI voice reporter advice should be taken with a grain of salt.
With AI wisdom or not, 2024 does seem to be a promising year for the crypto markets. Buckle up, as 2024 has just begun.