Bitcoin, and gold have seen large price gains since the Israel-Hamas crisis began. Since the start of the conflict, gold prices have surged by about 10%, while BTC prices have soared by over 20%. The goal of the AI chatbot is to forecast which asset will prove most effective as the war drags on.
According to reports, After losing its yearlong gains due to a 7% drop in two weeks, the price of gold versus the dollar hit a local low of about $1,830.
However, market volatility caused by political unpredictability caused gold to recover $1,900 swiftly and surpass $2,000 before leveling out. Gold’s price has increased by almost 10% since October 6.
The price of Bitcoin has been relatively stable, with some analysts attributing its recent appreciation to rising hopes that a spot BTC ETF would be authorized in the United States. After falling below $27,000, BTC’s price swiftly recovered momentum, although sometimes impacted by bogus news.
The cryptocurrency’s price jumped by several thousand dollars in a matter of hours on Monday and Tuesday, reaching a 17-month high of almost $35,000 on Tuesday.
Currently, BTC trades for over $34,000, representing a 23% increase over the last three weeks.
Predicting the future performance of Bitcoin and Gold: Chatgpt’s insights
In light of the current conflict, the AI chatbot ChatGPT has cast doubt on the value of Bitcoin (BTC) and gold. Both assets are subject to external influences such as political events, economic circumstances, and investor mood, as was underlined.
ChatGPT said that investors should be aware that the future success of any investing instrument cannot be anticipated simply on the performance of that tool in the past.
When asked whether it is a better hedge against inflation, gold or Bitcoin, ChatGPT replied the latter because of its lengthy history of value preservation—commonly referred to as “digital gold,” Bitcoin is considered a possible inflation hedge because of its restricted quantity and potential value storage in the digital era.
In contrast to more established currencies, Bitcoin hasn’t gone through the wringer during several economic downturns.
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