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Could ChatGPT’s Latest Enhancement Herald a Revolutionary Phase for Crypto?

Ruholamin Haqshanas
Last updated: | 2 min read
Pixabay / Manuchi x OpenAI

OpenAI founder Sam Altman has announced an enhancement to the company’s popular AI-powered chatbot ChatGPT that could potentially revolutionize the crypto industry. 

Altman has recently confirmed that ChatGPT, a powerful language model, can now browse the internet to provide up-to-date information with source links, breaking free from its previous limitation of data only up to September 2021. 

The development opens up a world of possibilities for the role of ChatGPT in the crypto space.

The AI chatbot has already gained popularity as a tool for crypto price predictions, but its limited knowledge base has been a constraint until now. 

However, with the ability to access current information from the web, ChatGPT can now offer more accurate and informed insights into the dynamic world of cryptocurrencies.

ChatGPT’s Role in Crypto Continues to Grow

ChatGPT’s contribution to the crypto industry extends beyond predictions. 

In June, Elliptic, a leading firm specializing in managing crypto risks, announced its integration of ChatGPT into its intelligence and research operations. 

This integration aims to enhance the efficiency and accuracy of Elliptic’s research efforts, enabling investigator teams to identify emerging risk factors and manage larger volumes of risks effectively.

Moreover, the Solana Foundation integrated ChatGPT into its network in May. 

Consequently, the company introduced a new plugin that allows users to directly access features such as checking wallet balances, transferring tokens, and even purchasing non-fungible tokens (NFTs) with Solana through ChatGPT.

As reported, cryptocurrency exchange Bitget is also using AI in a number of ways to provide better services for users and stay ahead of the curve. 

Back in July, Gracy Chen, the managing director of Bitget, revealed that the exchange is utilizing AI tools to streamline processes and enhance functions. 

One area where AI has proved particularly beneficial for Bitget is in its translation team, Chen said. 

By leveraging AI, the exchange is able to handle translations for its multi-language services more efficiently. 

Additionally, the customer service department utilizes AI to provide faster responses to queries, including customized information and trading data.

Bitget is also working on an AI-powered chatbot, inspired by OpenAI’s ChatGPT, to assist users in their trading activities.

ChatGPT Predicts Mainstream Adoption of Crypto

Web3 entrepreneur and marketeer, Stacy Muur, recently took to X (formerly Twitter) to inquire about ChatGPT’s vision of the future of web3.

In its response, the chatbot outlined a timeline that included global acceptance of cryptocurrencies by 2024, widespread adoption of decentralized identity systems by 2025, and the replacement of traditional financial services by decentralized finance (DeFi) by 2026. 

Furthermore, ChatGPT foresaw the rise of decentralized autonomous organizations (DAOs), blockchain integration in healthcare, and the establishment of an energy-efficient and environmentally conscious blockchain ecosystem by 2035.

“Services like Filecoin and Arweave become the backbone of internet storage, offering more secure, efficient, and decentralized alternatives to traditional cloud or server-based storage systems,” the chatbot predicted.