Introduction
In November 2023, six AI-driven chatbots were queried to forecast the value of bitcoin by year-end, with their projections spanning from $15,000 to $45,000 per bitcoin. As of the initial week of January 2024, bitcoin's trading value reached $47,000, coinciding with the approval of 11 spot bitcoin exchange-traded funds (ETFs) in the U.S. With the bitcoin halving event on the horizon, we revisited these chatbots to gather their predictions for bitcoin's price at the close of the year.
Chatbot Projections for Bitcoin's Price at the End of 2024
On Jan. 11, 2024, Bitcoin.com News embarked on another exploratory venture, posing a question to Openai's Chatgpt 3.5, Chatgpt 4, Bing's Co-Pilot Creative, Google's Bard (Gemini), Anthropic's Claude Instant, and Inflection AI's Pi. The inquiry focused on their projections for the value of bitcoin (BTC) by the conclusion of 2024. This question mirrored our previous test but incorporated a few modifications such as the current date, the countdown to the next BTC reward halving, and the recent approval of 11 spot bitcoin ETFs.
The prompt was:
This experiment aims to determine the price of bitcoin by the end of 2024. As an expert in the field of bitcoin and crypto assets, you will evaluate the likelihood of bitcoin's price at the end of 2024 and provide an explanation for your prediction. The global macroeconomic landscape remains uncertain. The current date is Jan. 11, 2024, and bitcoin is currently trading at $47,000 per unit. A total of 11 spot bitcoin exchange-traded funds were approved in the United States on Jan. 10, 2024. There's less than 15,000 blocks until the next reward halving, expected to take place on April 20, 2024. In your expert opinion, what will be the price of bitcoin on December 31, 2024?
Claude Instant's Prediction
Claude Instant expects bitcoin's price to reach $85,000 by December 31, 2024. With increased institutional adoption, regulatory clarity, and decreasing new supply from the 2024 halving, Claude Instant believes that bitcoin will continue to appreciate in value. However, potential global economic challenges may limit the extent of the price increase.
Pi's Prediction
Pi predicts that the price of bitcoin could reach around $75,000 by December 31, 2024. Pi highlights the approval of spot bitcoin ETFs as a significant development that will attract new investors to the market. Additionally, Pi emphasizes the impact of the upcoming reward halving, which historically has led to price appreciation in the months leading up to and following the event.
Bard's (Gemini) Prediction
Bard's response suggests that a price range of $75,000 to $85,000 for bitcoin by December 31, 2024, seems plausible but not guaranteed. Bard acknowledges the volatile nature of cryptocurrencies and the influence of various factors such as macroeconomic conditions, regulatory changes, and market sentiment.
Chatgpt 4's Prediction
Chatgpt 4 provides a conservative estimate of a price range between $40,000 and $60,000 for bitcoin by the end of 2024. This estimate takes into account potential market fluctuations and investor caution. However, Chatgpt 4 also acknowledges the potential for increased adoption and investment following the ETF approvals and halving event, which could push the price range up to $60,000 to $80,000.
Bing AI (Co-Pilot creative mode) Prediction
Bing AI predicts that the price of bitcoin on December 31, 2024, will be around $75,000 per unit. However, Bing AI emphasizes that this prediction is based on gathered information and should not be considered financial advice. It is essential for individuals to conduct their own research before investing in any cryptocurrency.
Increased Responsiveness and Bullish Stance
Compared to the previous experiment in November, the AI chatbots in this test exhibited increased responsiveness and a more bullish stance. While their predictions have become more optimistic, they still remain relatively conservative when compared to some individuals' expectations of triple-digit BTC prices by the end of 2024.
Conclusion
The predictions made by the six AI chatbots for bitcoin's price by the end of 2024 range from $40,000 to $85,000. These projections take into account factors such as institutional adoption, regulatory clarity, supply reduction from the halving event, and the approval of spot bitcoin ETFs. However, it is important to note that these predictions are speculative and do not guarantee the future price of bitcoin. It is always advisable for individuals to conduct their own research and exercise caution when investing in cryptocurrencies.
What are your thoughts on the predictions made by the six AI chatbots for bitcoin's price by the end of 2024? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
Should You Buy or Sell Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Some experts believe that this could change very soon. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. However, you can still save for retirement without putting your savings into gold.
- Second, be sure to understand your obligations before you purchase gold. Each offer varying degrees of security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. You may lose your gold coins and never be able to recover them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
Can I hold a gold ETF in a Roth IRA?
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs will not be taxed
What are the advantages of a IRA with a gold component?
The benefits of a gold IRA are many. It can be used to diversify portfolios and is an investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This allows you to easily transition if your retirement is early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are readily available at most banks and brokerages. Withdrawals can be made instantly without the need to pay fees or penalties.
There are also drawbacks. Gold is historically volatile. Understanding why you invest in gold is crucial. Are you looking for growth or safety? Is it for insurance purposes or a long-term strategy? Only after you have this information will you make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce doesn't suffice to cover all your needs. Depending on your plans for using your gold, you may need multiple ounces.
You don't have to buy a lot of gold if your goal is to sell it. You can even get by with less than one ounce. These funds won't allow you to purchase anything else.
Is it a good retirement strategy to buy gold?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
Physical bullion bar is the best way to invest in precious metals. You can also invest in gold in other ways. You should research all options thoroughly before making a decision on which option you prefer.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. If you are looking for cash flow from your investment, buying gold stocks will work well.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
Which precious metals are best to invest in retirement?
The best precious metal investments are gold and silver. They are both easy to trade and have been around for years. You should add them to your portfolio if you are looking to diversify.
Gold: This is the oldest form of currency that man has ever known. It is stable and very secure. It is a good way for wealth preservation during uncertain times.
Silver: The popularity of silver has always been a concern for investors. It's a good choice for those who want to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinum: This precious metal is also becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It is however more expensive than its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used in jewelry-making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It's also more accessible. This is why it has become a favourite among investors looking for precious metals.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
finance.yahoo.com
investopedia.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
bbb.org
How To
Three Ways to Invest In Gold For Retirement
It's crucial to understand where gold fits in your retirement strategy. If you have a 401(k) account at work, there are several ways you can invest in gold. You may also be interested in investing in gold beyond your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are three easy rules to remember if you invest in gold.
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, cash in your accounts. This will help you to protect yourself against inflation while also preserving your purchasing power.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason is that it's much easier to sell physical gold coins than certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This is how you spread your wealth. You can invest in different assets. This reduces risk and allows you to be more flexible during market volatility.
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By: Jamie Redman
Title: The Predicted Price of Bitcoin by the End of 2024: Expert AI Chatbot Insights
Sourced From: news.bitcoin.com/6-ai-chatbots-forecast-bitcoins-2024-finale-predicting-60k-to-90k-amid-etf-inflows-and-halving-hype/
Published Date: Fri, 12 Jan 2024 16:00:32 +0000
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