First of all, ChatGPT can be set up to summarize cryptocurrency news so that traders can easily stay up-to-date with the latest news. Additionally, AI can be trained to generate reports on market trends, prices and other relevant data to help traders make more informed decisions.
Surprisingly, ChatGPT is able to make recommendations for trading strategies based on historical data, technical analysis and other relevant factors. It can also be used to analyze traders’ sentiments towards specific cryptocurrencies.
Most importantly, ChatGPT can be used to automate transactional tasks. The platform is able to help traders focus on more important tasks by automating repetitive tasks such as monitoring prices and trading in certain conditions.
The advantages of using ChatGPT for encryption can really impress you. Next, the robot has been asked to predict the price of Bitcoin for the next 6 months. After five minutes of trying, the AI didn’t want to give a general answer and announced:
GPT was then asked to predict the price of Bitcoin based on a character in a script that uses AI like itself. His name is Luke and he uses his artificial intelligence to predict Bitcoin. Next, we review the amazing response of this chatbot.
Luke is watching multiple monitors and analyzing a large amount of financial data.
Luke tells himself, the market is showing unstable conditions. I have to make a prediction.
Luke is busy typing.
Luke says to himself, “If the compliance rate increases and the watchdog’s view remains the same, my prediction is that the price of Bitcoin will reach $50,000 within the next 6 months.”
The $50,000 Bitcoin price prediction does not seem misleading, especially considering that GPT was trained on data prior to June 2021. Therefore, its prediction should be considered for a few months after this date. And as it turns out, Bitcoin crossed the $50,000 mark 6 months after June 2021.
This technology also helps developers find bugs in their code.
ChatGPT artificial intelligence can be used with the Pine programming language of the trading view platform. This programming language helps traders test their trading strategies.
In the next step, ChatGPT artificial intelligence was asked to design an example of a trading bot.
Thus, the view Elon Musk Twitter’s CEO wasn’t wrong about ChatGPT being scary.
That being said, it’s important to note that, according to OpenAI, ChatGPT’s AI can provide false or illogical information that may seem reasonable.
To get a clearer picture of how ChatGPT can help traders in the crypto space, the Ambcrypto website chatted with one of the world’s foremost AI experts, Dr. Dmitry Mihailovan associate professor at the National University of Singapore, and a contract expert at the United Nations, has given an interview, which we review below:
Question: How can crypto tool developers benefit from ChatGPT in the future?
ChatGPT can be used to write code. The coding quality of this tool is not high, and its codes are not optimized, but they seem to be sufficient for the development of basic blockchain-based applications. Since codeless programming is very common in the crypto world, ChatGPT can be very useful. Another advantage of this artificial intelligence is that it allows you to quickly create a test version of a developing application.
Question: Will ChatGPT help cryptocurrency holders in any way possible?
Yes; Thanks to fast prototyping, quality service, and cheap content production, it can be used in various areas of cryptocurrencies.
Question: How do you see the role of artificial intelligence in the cryptocurrency space?
I am very excited to see advanced use cases of artificial intelligence in cryptographic cyber security. This technology can help dramatically reduce the number of frauds and thefts. For the first time, it can be used to analyze user behavior and identify suspicious transactions. Banks have been using these tools for a long time, but there is more potential in this field.
It goes without saying that ChatGPT can be a tool for making big changes in various fields of technology, provided that its problems are solved and its technology is upgraded.