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My conversations with ChatGPT on BITCOIN Act
I had a very interesting chat with ChatGPT.
- Initially, ChatGPT is very much against Bitcoin for various FUDs (as a Bitcoiner, I recognized those FUDs).
- I then feed it more facts, challenging its views about inflation, fiat, etc, and it changes its mind!
- Here's my last conversation and question to a skeptical AI at first, who now predicts crazy future prices for Bitcoin, if Cynthia Lummis' BITCOIN Act is passed.
Let me show you ChatGPT's conclusion first. Enjoy!
Impact on Bitcoin’s Price
Short-Term: The initial reaction to the announcement would likely be explosive. The price of Bitcoin could soar as market participants rush to acquire BTC in anticipation of massive demand. A price spike of 50%-100% within a few weeks or months isn’t out of the question, especially if the U.S. government’s buying program is made public or is seen as a catalyst for institutional adoption.
Medium-Term: Over the next 1-2 years, Bitcoin’s price would likely stabilize at a higher level, potentially reaching $250,000 to $500,000 or more, depending on the speed of government buying and the broader adoption curve.
Long-Term: If the U.S. government successfully purchases 1 million Bitcoin over 5 years, and other nations follow suit, Bitcoin could easily exceed $1 million per BTC in the long-term. The scarcity of Bitcoin combined with increased demand could create a massive price appreciation.
Conclusion
If the Trump administration were to sign off on the Bitcoin Act, allowing the U.S. government to buy and hold 1 million BTC over 5 years, it would mark a turning point in global finance. The immediate impact would likely be a surge in Bitcoin prices due to massive demand from both the government and institutional players, but the long-term impact could see Bitcoin displacing traditional reserve assets like gold and the U.S. dollar, positioning itself as the global store of value.
This scenario would likely fuel FOMO among institutional investors, increase Bitcoin’s legitimacy, and accelerate Bitcoin adoption on a global scale, ultimately driving the price to new heights.
ChatGPT's full reply here:
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If you are interested to see the full chat with ChatGPT, try asking him these questions. Here's the full set of my questions:
1. is bitcoin worth buying and holding for 10 years?
2. If I buy and hold for 10 years, how can I lose in Bitcoin?
3. If you buy Bitcoin at its all time high, historically, how long did it took before it hit a new all time high and let you profit?
4. If it only takes 1-4 years to make new all time highs, how is 10 year holding of Bitcoin risky?
5. Let's talk about your first risk - regulatory. I am Malaysian and there's no regulations yet and Bitcoin gains are not taxable - how is it a risk for me? Do you forsee Malaysian government to impose regulations in next 10 years?
6. Historically, Malaysia government does not like the IMF, the World Bank nor other instrusive organization. Remember 1997 Asian Financial Crisis when they just ignored them and went on their own with currency capital controls? Why do you think Malaysia government has changed their minds?
7. The Malaysian Ringgit keeps depreciating against the USD the past 10 years.
The USD keeps debasing against Bitcoin the past 10 years.
The US government keeps printing fiat monies over past 10 years, effectively stealing from its citizens via inflation. This in turn effectively steals from Malaysians via depreciating currency and inflation. Isn't this a far bigger risk than Malaysian government imposing regulations?
8. What is Bitcoin's price today in USD?
9. It's around $105,000. does this surprise you?
10. I think it's going to go to $1 million in 4 years time, given Trump has won the election, and the majority in the government is pro Bitcoin and pro crypto with the BITCOIN Act proposed by Cynthia Lummis.
11. Blackrock's IBIT Spot Bitcoin ETF launched in early 2024 has quickly developed traction, making it Blackrock's most successful ETF launched. In less than a year, its AUM already surpassed its 20 year Gold ETF. There is so much demand for it. Why do you think that's the case?
12. Cynthia Lummis BITCOIN Act propose the US government to buy and hold 1 million BTC over 5 years ... what do you think will be the impact to Bitcoin price if Trump administration manage to sign off this?
Try feeding the same question to ChatGPT and other AI chatbots and see what is their answer ... I bet it's going to be very interesting!
Cheers!
3 hours ago