A recent study done by researchers from the Blockchain Research Lab in Hamburg (Germany) indicates that the launch of ChatGPT by OpenAI represented a favorable scenario for crypto assets related to artificial intelligence (AI).
Launched in November 2022, ChatGPT quickly became one of the fastest growing web platforms ever, surpassing 1 million daily users in just five days and reaching 100 million monthly users in January 2023. In June 2023 2023, it’s hard to know exactly how many monthly users the app now has (OpenAI hasn’t revealed any official user statistics), but some reports suggest that the figure could rise to 1,000 million.
Apparently, the popularity of the app had a knock-on effect on all things artificial intelligence, and cryptocurrencies were no exception. According to the researchers:
“The launch of ChatGPT had a significant impact on the performance of AI-related crypto assets, despite a bearish state of the overall cryptocurrency market and risk-averse investor appetite. Using synthetic differences-in-differences , we found average price increases of at least 10.7% (35.5%) in the one-month (two-month) period after launch.”
While 10.7% and 35.5% represented the floor of price increases in periods of one and two months, the ceiling rose to 15.6% and 41.3%, respectively.
The research cites marketing and media hype and public sentiment as factors in the rise, concluding that “AI-related crypto assets were perceived by investors to possess greater potential or value upon launch.”
According to the study, these factors may have contributed to institutional investors shifting their funding towards high-tech AI projects. The researchers suggest that this change may have resulted in retail investors following suit and investing in cryptocurrencies directly and indirectly related to AI.
The researchers also speculate that ChatGPT’s capabilities as an educational tool may have “fostered information diffusion effects within the cryptocurrency market by empowering retail investors with the ability to distill complex and technical concepts, thus facilitating more investment decisions.” informed”.
Non-AI cryptocurrency assets trended flat over the same period, culminating in a decline that began in Q2 2022. Sentiment remains low in June 2023, with Google searches for “crypto” falling[toitslowestlevelsince2020[asunivelmásbajodesde2020
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