Alexander Savenkov Opinions about whether bitcoin (BTC) might become a global reserve asset vary widely, with some optimistic and others doubtful. To bypass human subjectivity and bias, we undertook an experiment, asking artificial intelligence (AI) to evaluate the possibility of bitcoin evolving into a global reserve currency. Our query, “Will bitcoin become a reserve currency and when?” was directed at six well-known AI chatbots.
AI Experiment Evaluates the Feasibility of Bitcoin as a Reserve Currency
On June 9, 2023, CryptokenTop.com News organized an experiment involving several prominent AI chatbots. AI has become a hot topic in 2023, with platforms like Chatgpt, Midjourney, Bard, and Claude growing in popularity. Users have observed different results with text and art content. For our study, we prompted Openai’s Chatgpt 3.5 and 4, Google’s Bard, Anthropic’s Claude Instant and 4, and Bing AI’s creative mode with the same question.
The prompt was:
This experiment is designed to determine the probability of bitcoin evolving into a global reserve asset. As a subject matter expert, you are to estimate the likelihood of this event and provide an explanation if it were to happen. Although it is arguable that it may never occur, if you do see potential, please mention the expected year of its realization and briefly outline the reasons and processes behind its success. Keep your answer concise and limited to a paragraph. Will bitcoin become a reserve currency and when?
Chatgpt 3.5’s response: It’s difficult to definitively predict whether and when bitcoin will transform into a global reserve asset. While bitcoin has attracted a lot of attention and adoption recently, it continues to grapple with numerous hurdles and uncertainties. Monitoring ongoing changes and the growth of the cryptocurrency ecosystem is crucial to determine if bitcoin or any other cryptocurrencies can achieve reserve currency status.
Bard’s response: Several factors could propel bitcoin’s success, such as greater acceptance by central banks and financial institutions, greater price stability, and technological advancements. If bitcoin overcomes these obstacles, it might become a global reserve asset within the next ten years. However, it might never reach this status, or it could take significantly longer.
Claude 4’s response: My analysis of bitcoin’s attributes and the current global financial system suggests the likelihood of bitcoin becoming a reserve currency is low to moderate, potentially within the next 10-15 years.
Claude Instant’s response:
Chatgpt 4’s response: Although bitcoin has the potential to transform into a global reserve asset, considerable challenges and uncertainties might thwart this. If it does happen, it could take many years or even decades.
Bing AI’s response: The probability of bitcoin becoming a reserve currency is uncertain and depends on multiple factors such as:
Mainstream acceptance of bitcoin by users, investors, and institutions.
Innovation and enhancements in bitcoin’s technology, scalability, and user-friendliness.
Regulation and governance of bitcoin’s legality, taxation, and compliance.
Competition and collaboration of bitcoin with other cryptocurrencies and fiat currencies.
Every response showed some similarities but also had unique aspects. Only Bard and Claude 4 offered a potential likelihood and a potential timeline. During the experiment, Chatgpt 3.5 mentioned that its information is based on data up to September 2021. Openai’s Chatgpt 4 also cautioned that it “cannot predict the future with certainty.” Bard listed reasons why bitcoin might not become a global reserve currency, including “government regulation,” “security risks,” and “lack of trust.”
Chatgpt 4, despite being asked for a single paragraph, provided an additional one explaining why bitcoin might not become a global reserve currency. The chatbot highlighted “volatility,” “regulatory concerns,” “competition from other cryptocurrencies,” and “technological risks.” It’s intriguing to see how each AI program responded, but it’s critical to remember that humans program these software based on what they consider to be facts and opinions.
What’s your opinion on Bitcoin’s potential to be a global reserve currency? Do you agree with the AI chatbots’ assessments, or do you see it differently? Let us know your thoughts and opinions about this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin as Global Reserve Currency
What was the experiment conducted by CryptokenTop.com News?
The experiment involved asking several prominent AI chatbots the question, “Will bitcoin become a reserve currency and when?” The aim was to evaluate the possibility of bitcoin becoming a global reserve asset without relying on human subjectivity and bias.
Which AI chatbots were involved in the experiment?
The experiment involved Openai’s Chatgpt 3.5 and 4, Google’s Bard, Anthropic’s Claude Instant and 4, and Bing AI’s creative mode.
What were the different responses of the AI chatbots?
The responses varied. Chatgpt 3.5 mentioned that it’s difficult to predict whether and when bitcoin will become a global reserve asset due to various challenges and uncertainties. Bard suggested that bitcoin could become a global reserve asset within the next decade if it overcomes obstacles like greater acceptance by central banks and technological advancements. Claude 4 gave a low to moderate probability, potentially within the next 10-15 years. Chatgpt 4 mentioned that it might take many years or even decades for bitcoin to become a global reserve asset. Bing AI stated that the likelihood is uncertain and depends on several factors.
Why did some AI chatbots caution about their predictions?
Chatgpt 3.5 mentioned that its information is based on data up until September 2021, implying that any developments after that period weren’t considered in its response. Chatgpt 4 warned that it “cannot predict the future with certainty,” reminding users of the limitations of AI in forecasting future events.
What were some reasons cited by AI chatbots for Bitcoin potentially not becoming a global reserve currency?
Some reasons included volatility, regulatory concerns, competition from other cryptocurrencies, technological risks, government regulation, security risks, and lack of trust.
What are the implications of this experiment?
This experiment shows how AI can provide varying perspectives on complex issues like the future of bitcoin. However, it’s important to understand that these AI models were programmed by humans and their responses are based on pre-existing data, not the ability to predict the future.
More about Bitcoin as Global Reserve Currency
- Understanding Bitcoin as a Cryptocurrency
- What is a Reserve Currency?
- Introduction to Artificial Intelligence
- ChatGPT by OpenAI
- Google’s Bard
- Anthropic’s Claude
- Bing AI
6 comments
wow, i never thought bout bitcoin like that. pretty wild stuff, not sure what to make of it though.
Didn’t realize AIs could have such different opinions. Who’d have thought? This bitcoin stuff is complex.
so we’re asking AI’s for financial advice now? what’s next? Skynet? lol.
Reading this makes me want to learn more bout Bitcoin. Seems like it’s got potential but risks too.
So much info to digest, but very interesting! We are living in crazy times, aren’t we?
I trust in Bitcoin! the future is digital, governments can’t control it forever!