I Asked ChatGPT How To Get Rich Off Bitcoin — Here’s What an Expert Thinks About Its Answer
Written by
Alan Joseph
Edited by
Rebekah Evans
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About 15 years ago, Papa John’s Pizza accepted 10,000 bitcoins as payment for two pizzas. Fast forward to today, financial analysts are discussing the possibility of central banks possessing the revolutionary digital tokens — which boasts a market cap of almost four trillion, according to Forbes. According to Deutsche Bank analysts, as reported by Yahoo Finance, by 2030, central banks could hold both bitcoin and gold side by side on their balance sheets.
The exponential rise in bitcoin’s price has been nothing short of a miracle. Its utility as a store of value, digital payment method and finite supply has solidified its status as an alternative investment asset. Still, it would be prudent to investigate whether it’s too little, too late to get in on the highly coveted crypto, given it reached an all-time record high of $124,500 in mid-August.
To find out, I asked ChatGPT to provide a practical roadmap on how to get rich off bitcoin. However, artificial intelligence (AI) is a relatively nascent technology and not infallible. Therefore, GOBankingRates asked an expert to opine their perspective and see if they agree (or disagree) with ChatGPT’s answer. Find out below what an expert had to say in response to ChatGPT’s suggestions.
No Shortcuts, Just Strategy
Before any strategy was offered, the AI chatbot minced no words about the perils of “get rich” strategies. “There’s no guaranteed, ethical shortcut to get rich from bitcoin — it’s possible, but it’s risky,” while noting a one-size-fits-all approach also does not work. Instead, a practical strategy hinges on individual goals and risking as much as you can lose.
Furthermore, instead of giving its own advice, ChatGPT suggested deferring to what “many pros recommend,” explaining conservative investors typically allocate only 1 to 5% of their portfolio, while those seeking a more aggressive growth approach allocate around 4 to 10%.
Patience and Discipline
Sounding more like a wise mentor than a generative AI tool, ChatGPT implored a disciplined approach in the form of dollar-cost averaging (DCA) to slowly increase your exposure to bitcoin, whimsically cautioning against “gambling away your life,” given the volatile history of the digital asset.
An Expert Weighs in on ChatGPT’s Bitcoin Advice
Ben Waterman, co-founder of Strabo, a global consumer portfolio tracking platform, advised a sensible approach for investors seeking exposure to bitcoin. He said the days of experiencing 100 or 1,000 times returns are “very unlikely,” but added that “it has become abundantly clear bitcoin isn’t going anywhere and can now be treated as an alternative asset.”
As for getting rich? Tread carefully.
Most of the success stories of people getting wealthy stem from personal experiences and survivorship bias, Waterman noted. However, allocating just a small portion of your portfolio and dollar-cost averaging over time could help you enter at an attractive price. “Never buy or sell on a whim based on short-term volatile swings,” Waterman added.
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