ChatGPT is the new text based artificial intelligence platform. The software has wowed many with its impressive abilities, with the programing not only able to have interesting, if limited conversations, but also able to perform a variety of tasks.
Making crypto news headlines, some have suggest that ChatGPT might just revolutionise crypto trading entirely. It has been hinted that the software could predict the price of Bitcoin, for example, giving traders an incredible advantage. But is this really possible, and just what is the software really capable of?
While most are interested in the software’s ability to predict future crypto prices, there are far more potential benefits than just market predictions. ChatGPT could also analyse markets in real time, recommend investment opportunities to traders, and even assist with guides on how to invest in cryptocurrency and customer support.
But again, what about the software’s ability to predict future prices? Interestingly enough, the software was directly asked what it thinks the price of Bitcoin will be in 2030. The answer given, to the surprise of many, was extremely straightforward. ChatGPT plainly explained that it would be impossible to predict the price of a crypto as far ahead as 2030. It added that crypto markets are extremely volatile, and that a number of other factors, like government regulations, could also have an enormous impact.
So while no actual prediction was given, it does seem that the software understands a great deal more about cryptos than might have been assumed. But, based on this answer, those hoping for a magic future prediction machine are going to be disappointed. On the other hand, the software did close off by saying that it thinks Bitcoin will become more widely accepted, and that overall value will continue to rise. Read up on how you can invest in Bitcoin today.
Going back to how the software can actually help traders, the biggest potential seems to be in market analysis. Humans are limited in how much information they can view, and process, in a single sitting. Computers aren’t burdened by the same limitations.
It is conceivable that the software could be tweaked to study crypto markets, analyse trends, and give incredibly good advice. Not 100% accurate advice, that would be impossible, but good advice nevertheless.
ChatGPT could also do an incredible job in the customer support department. It seems all but certain that, given the correct training, the software could handle an enormous volume of customer support queries. Plus, the software could understand, and give the correct solutions for, a ton of problems.
Lastly, automated trading is another big area of interest. As it stands a number of exchange platforms already offer automated trading. These systems work well enough, but aren’t anywhere close to reaching their full potential.
With ChatGPT specifically trained for the purpose it could take things to the next level. The software could not only identify big trading opportunities, but also be tasked with automatically initiating particularly good trades.
It is, of course, all speculation at this point, but the world of crypto trading might be about to undergo a revolution.