The world of intelligence is a topic that intrigues me more and more every day, these days I found a news about a recent study conducted by academics from the Blockchain Research Lab in Hamburg, Germany, where it says that the introduction of ChatGPT by OpenAI represented a positive development for cryptoassets related to artificial intelligence (AI).
Since the birth of ChatGPT in November 2022, it quickly became one of the web platforms with the fastest growth rates in history, surpassing 1 million daily users in just five days and reaching 100 million monthly users by January 2023. It is difficult to estimate the number. of monthly users the application has in June 2023, but some reports indicate that it may even exceed 1 billion.
According to reports, the app's success had a ripple effect on everything AI-related, and cryptocurrencies were no exception. The researchers found that:.
Over periods of one and two months, the price increase floor was 10.7 percent and the ceiling was 15.6 percent and 41.3 percent, respectively.
The study concludes that "investors perceived AI-related cryptoassets to possess greater potential or value at launch" and attributes the increase to marketing, media hype and public sentiment:
"The launch of ChatGPT had a significant impact on the performance of AI-related cryptoassets, despite a bearish overall cryptocurrency market and the appetite of risk-averse investors. Using synthetic spread differences, we find average price increases of at least 10.7% (35.5%) in the one-month (two-month) post-launch period
An analysis shows that these elements may have influenced institutional investors to shift their funding to high-tech AI projects. According to the researchers, this shift may have led retail investors to mimic the trend and make investments in cryptocurrencies that are directly or indirectly related to AI.
The researchers further hypothesize that ChatGPT's potential as a teaching tool may have "fostered information diffusion effects within the cryptocurrency market by empowering retail investors with the ability to distill technical and complex concepts, thus facilitating more investment decisions. being "informed."
For the elaboration of the cover I used Canva.
