The AI chatbot ChatGPT appears to have taken a side in the long-running debate over which investment is more reliable — gold or Bitcoin. The claim comes from the prominent Bitcoin critic Peter Schiff.
#ChatGPT AI is pretty intelligent after all. It didn’t recommend any allocation to #Bitcoin.https://t.co/mnhRN2TmFm
— Peter Schiff (@PeterSchiff) April 6, 2023
\”Ultimately, artificial intelligence is quite smart. It did not recommend any allocation to Bitcoin,\” Schiff wrote.
The investor cited a report on ChatGPT’s ideas for forming a recession-resistant portfolio. According to the Gold IRA Guide document, the chatbot recommended allocating 20% to gold and other precious metals.
The remainder of his hypothetical portfolio consisted of bonds (40%), \”defensive\” stocks (30%), and cash (10%). The chatbot did not mention cryptocurrencies.
However, the ChatGPT response is not necessarily aimed at opposing Bitcoin or promoting gold. ForkLog AI’s editorial team asked the chatbot for its view on both assets. According to the reply, the choice between them may depend on investment goals, risk tolerance, and personal preferences.
It should also be noted that ChatGPT’s knowledge is current through September 2021. It is likely the tool does not reflect the significant moves observed in the price of the leading cryptocurrency since then.
Analysts say that investors in both gold and Bitcoin have outperformed in 2023. Since the start of the year both assets have risen by 10% and 68% respectively.
Recently gold broke through a long-standing level of $2,000 per ounce. Schiff says this could serve as a \”launchpad for a moonshot.\”
It looks like $2,000 may be the new support level for #gold. If so, we are either near the bottom of a new higher trading range, or on the launch pad for a moonshot. Either way the time to buy gold is now, and @SchiffGold is the best place to buy it. https://t.co/GGNU9tTHuo
— Peter Schiff (@PeterSchiff) April 6, 2023
Gold and Bitcoin are often compared as forms of money due to their sound monetary properties, especially scarcity. Theoretically, this makes them resilient to inflation relative to fiat currencies.
In March 2023, assets surged after the US Federal Reserve provided support to SVB clients, pumping hundreds of billions of dollars into the banking system.
In February, ChatGPT matched zodiac signs and cryptocurrencies.
In January, the AI transformed five popular coins into transformers.