Coinbase Chief of Trading Operations Conor Grogan expects Bitcoin’s performance will drop 15% by 2035. Grogan supports Bitcoin but doubts altcoins’ longevity. Grogan’s predictions for Bitcoin and altcoins.
By 2035, there is a 15% possibility that bitcoin’s performance will have decreased by 99.999 percent and will no longer be significant. Conor Grogan, chief of trading operations at Coinbase, made this discovery. In response, Grogan stated that while GPT is a huge supporter of bitcoin, it is more dubious of altcoins and their durability.
He calculates that there is a 45% likelihood that something similar will occur for Dogecoin by 2035 and a 35% possibility for Litecoin.
On the other side, it is 20% for Ethereum, which is barely more than bitcoin.
Trends predicted by ChatGPT for the bitcoin and cryptocurrency markets
It should be emphasized that Grogan obtained these results using his JamesGPT (Just Accurate Markets Estimation System) GPT jailbreak, which enables future predictions on any subject.
He does, however, dispute the use of such a tool for researchers, particularly in terms of exposing biases.
As far as is known, such predictions cannot in any way be regarded as reliable. Even the method through which ChatGPT creates them is unclear.
What is known is that JamesGPT compels GPT to “weigh” its opinions on a variety of subjects, however the outcomes may not be clear-cut and may fluctuate significantly depending on market fluctuations.
According to Grogan, he has asked GPT4 the exact same question 100 times and has received 100 replies, with a standard variation of less than 10%.
What is still intriguing is the likelihood that ChatGPT obtains this information on the internet, or at the very least from sources he regards as reputable.
Therefore, his predictions might at least be viewed as a sort of “consensus average” of the reliable sources he trusts.
Predictions on the price of Bitcoin from ChatGPT
The way the question is phrased should not be taken for an answer. In reality, it’s more crucial to remember that ChatGPT believes that the implosion of Bitcoin in the next 12 years is actually 85 percent impossible rather than just 15 percent likely, in order to properly evaluate his response.
Grogan asserts that GPT is a strong supporter of bitcoin because of this.
It must be acknowledged that such a low anticipated likelihood of Bitcoin’s failure in the medium/long term is relatively frequent, especially among Bitcoiners. For maximalists, however, it is probably considerably lower, if not near to zero.
Despite not being a bitcoin maximalist, ChatGPT appears to have some of the same “ideas” as bitcoiners.
There appear to be two possibilities for this line of thinking in light of the aforementioned factors regarding the process by which ChatGPT develops these predictions.
Either ChatGPT includes primarily bitcoiners among the sources it regards as authoritative discussing bitcoin, or the idea of a genuine implosion of bitcoin is currently regarded as speculative even in the world of mainstream finance.
Since other similar projects have had similar outcomes, it appears that most experts today believe it is extremely unlikely that bitcoin will actually implode over the next ten or so years.
As a result, the general consensus is likely to be that there is a low but not zero probability of an implosion.
Future expectations for alternative currencies from ChatGPT
The case for Ethereum doesn’t really alter because, according to 80% of the consensus, it will not fail in the next 12 years.
On the other side, only 55% of people think that Dogecoin will completely fail, with a 45% chance that this catastrophic event will actually occur.
Remember that a -99.999% represents a virtual entire reset in value because it, for instance, represents a change to 100,000 to 1, or a 100,000-fold decrease in price.
This would entail a price for bitcoin below $0.3, a mark that was reached in 2010—the first year that it was traded on exchanges—and has not been attained since. It would essentially mean that it would go back to being irrelevant.
It would result in Ethereum dropping to $0.018, a level it has never reached and which is much lower than even the $0.4 of 2015.
Therefore, even while there doesn’t seem to be agreement about whether bitcoin will fail within the next 12 years, and there isn’t much more information about Ethereum, the case for altcoins is different.
However, it should be noted that there is in fact no guarantee that ChatGPT’s forecasts accurately reflect the consensus of analysts who are thought to be authoritative, and that these forecasts could easily change over time.
Asking him to forecast price fluctuations for the short term or, even better, the medium term would allow us to determine whether or not his forecasts were accurate in the coming months or, at best, years. This would give us a better idea of how trustworthy they are.
