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Peter Schiff Says ChatGPT Intelligent for Not Recommending Bitcoin (BTC) Investment

Thu, 04/06/2023 - 08:40
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Godfrey Benjamin
ChatGPT recommended Gold, not Bitcoin, as recession-proof portfolio
Peter Schiff Says ChatGPT Intelligent for Not Recommending Bitcoin (BTC) Investment
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Major Bitcoin (BTC) critic Peter Schiff has taken another subtle jab at the world's largest cryptocurrency by market cap, drawing on investment allocation advice from ChatGPT. Taking to Twitter, Schiff posted a direct comment to an article from News Trail in which ChatGPT was asked to provide a recession-proof portfolio breakdown.

According to the recommendation of ChatGPT, the biggest allocation of about 40% should be given to bonds that it considers a relatively safe investment. The artificial intelligence chatbot also recommended a 30% allocation to defensive stocks, which it said are generally less affected by economic cycles.

Then, the bot excited Peter Schiff by recommending a 20% allocation to Gold, which it considers a safe haven during economic downturns. The remaining 10% was allocated to cash, which the bot recommends is necessary for taking advantage of new opportunities that may arise as well as in meeting immediate needs that may arise unexpectedly.

Without mentioning Bitcoin (BTC), which many in the crypto world have come to see as a perfect hedge against inflation, Schiff said the AI chatbot is pretty intelligent after all.

Santiment : Inflation News Causes Hike in Bitcoin and Altcoin Shorts

Highlighting ChatGPT bias

The times are changing, and many investors are moving in tandem with this narrative. While the investment allocation picks by ChatGPT are what constitutes an average conservative investor's portfolio, it is, by far, unrepresentative of all investors' picks.

The obvious bias in some answers to queries of ChatGPT is one of the reasons why regulators are frowning on the tech, with a call for a ban or intense regulation making the rounds.

While investments in Bitcoin are becoming mainstream, with the likes of BlackRock and Fidelity now wading in, not training the AI chatbot to recognize the investment, which has consistently outperformed Gold over the past decade, is an indication that the digital currency is battling some form of unidentifiable vendetta.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.