ChatGPT’s launch increased AI-related crypto returns by 41%, according to a study.
According to a recent study by the Blockchain Research Lab in Hamburg, Germany, the launch of OpenAI’s ChatGPT had a significant impact on cryptocurrency assets related to artificial intelligence (AI). ChatGPT, launched in November 2022, became one of the fastest-growing web platforms, surpassing 1 million daily users in just five days, and reaching 100 million monthly users by January 2023. However, the current number of monthly users remains unknown. Some reports suggest that it could be as high as 1 billion.
The popularity of ChatGPT had a follow-on effect on AI-related crypto-assets, with an average price increase of at least 10.7% and 35.5% in the one-month and two-month period following the launch, respectively. The research cites media and marketing hype and public sentiment as factors in the rise, concluding that “investors perceived AI-related crypto assets as possessing heightened potential or value after the launch.”
The study suggests that these factors may have contributed to institutional investors shifting funding toward big-tech AI projects. The researchers also speculate that ChatGPT’s capabilities as an educational tool may have “fostered information diffusion effects within the cryptocurrency market by equipping retail investors with the capacity to distill complex and technical concepts, thus facilitating more informed investment decisions.”
However, cryptocurrency assets unrelated to AI continued a sideways trend during the same period, capping off a slump that began in the second quarter of 2022. Sentiment remains low as of June 2023, with Google searches for “crypto” having plummeted to their lowest level since 2020.
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