Bitcoin Forum

Former Coinbase CTO Balaji Srinivasan has recently made a bold bet on Bitcoin’s price, predicting that the cryptocurrency will reach $1 million within the next 90 days. As Bitcoin continues to attract attention from investors and the mainstream media, many are wondering if such a scenario is even possible.

To shed some light on the issue, we spoke with ChatGPT, an AI language model trained by OpenAI, to explore some of the potential scenarios that could cause Bitcoin’s price to surge to such a high level in such a short period of time.

According to ChatGPT, one of the most significant factors that could drive up the price of Bitcoin is massive institutional investment. If large financial institutions, such as pension funds or hedge funds, start investing significant amounts of money into Bitcoin, it could create a surge in demand and drive up the price. This type of investment would not only bring new capital into the market, but it would also bring credibility and legitimacy to Bitcoin, which could attract even more investors.

Another potential scenario is if Bitcoin becomes a global reserve currency, similar to the US dollar. As countries around the world start to hold Bitcoin in their reserves, it could cause the price to skyrocket. This scenario would require a significant shift in the global economic order, but it is not entirely impossible.

Economic uncertainty is another factor that could lead to a price increase. If there is a global economic crisis or inflationary pressure, investors may turn to Bitcoin as a safe haven asset. As demand for Bitcoin increases, so too will the price.

Additionally, if more businesses and individuals start using Bitcoin for everyday transactions, it could lead to a surge in demand and a rise in price. As more people start using Bitcoin as a store of value and a means of payment, it could also become more widely accepted, which would create a positive feedback loop that drives up the price even further.

Lastly, the halving event, which happens every four years, could also contribute to a surge in Bitcoin’s price. During this event, the reward for mining Bitcoin is cut in half, reducing the supply of new Bitcoin entering the market. This event has historically led to price increases in Bitcoin. If the halving coincides with other bullish factors, it could create a perfect storm that drives the price to new heights.


It is important to note, however, that predicting the future price of Bitcoin is extremely difficult and highly speculative. Investing in Bitcoin carries significant risks, and it is crucial to conduct thorough research and seek professional advice before making any investment decisions.

In conclusion, Balaji Srinivasan’s bet on Bitcoin reaching $1 million within the next 90 days may seem unlikely, but there are potential scenarios that could cause such a surge in price. As always, caution and prudence should be exercised when investing in cryptocurrencies.
Source: https://azcoinnews.com/chatgpt-outlines-potential-scenarios-that-could-lead-bitcoin-to-hit-1m-in-just-90-days.html

This may help as some people will buy bitcoin which may further lead to increase in bitcoin price. But you should know that bitcoin is not even going to all-time-high anytime soon. As I read on a news yesterday that former Coinbase CTO made bet that bitcoin is going to $1 million in 3 months, I only see it has a lost bet with poor analysis.

Rather than relying on ChatGPT content, it's better for you to read this one, The bullish case for Bitcoin (https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1) which I am sure to enhance your knowledge about Bitcoin as well as strengthen your belief in Bitcoin.

To imagine effects of future halvings on Bitcoin price, you can look at Controlled supply (https://en.bitcoin.it/wiki/Controlled_supply). There are not many years left until more than 98% or 99% of Bitcoin is mined. With that fear of missing out, you should instantly start to build up your plan for Dollar Cost Averaging.

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With Bitcoin profitable days (https://www.lookintobitcoin.com/charts/bitcoin-profitable-days/) chart, you can see 88.4% of holding days are profitable days. DCA will help you to get rid of emotion, risk of loss and increase your chance to fall into profitable holding days on the chart.

Cmon, let's use your brain. There are zero possibilities that we will have 1m in a year and people are talking about 90 days. It's to stupid to even call it as a dream

This is not a bet on the potential of Bitcoin, but a publicity stunt to attract attention and maybe grow their social media presence. I always suspect this when someone associates a ridiculous price to Bitcoin within a very short space of time.

You should also not be taking Bitcoin advice from a former coinbase affiliate.

I have no idea why people are so impressed by chat gpt. It's a lot better than the quality of most forum posters for sure who will love chatgpt because they will look like they are improving their posts.

AI only understands what it can find. And the thing with Bitcoin, most things online are wrong, outdated, or opinions. So AI will always have the same stupid mentality of the masses.

Bitcoin will never hit a million dollars in just 90 days, it's a dream that will never come to pass. And we should be so careful about how we use the ChatGPT as it's not perfect itself, it will only outline its views, but with some disclaimers at the beginning. However, what it iterated are the same factor that is making all other assets appreciate, which is not peculiar to Bitcoin.

Irrespective of how favourable those factors could be on Bitcoin, it can't push it that high in just a short time, that is heresy.

One at a time. Next stop is $100,000 and then we will look further. Enjoy the ride folks, remember, it's all about the ride not the destination. No matter what happens, 1 BTC = 1 BTC.

Let me have a fresh air after laughing nonstop for a few hours. The only thing that stupid ChatGPT AI is good for is saying "my apologies here is the correct answer" the dumb noob only knows to apologize, I don't know how anyone can rely on that.

---

A summary of my convo with ChatGPT:

Me: "How can I create an atomic explosion animation?"

AI: "That's easy here is the code:
"Import chain reaction"
"Import mushroom cloud"
............
Me: but that's a wrong code!
AI: my apologies, here is the correct code:
"Pip install chain reaction"
"Pip install mushroom cloud"
.............
Me: Again that's a wrong code!
AI: I apologize, here is the correct one:
"Include chain reaction"
"Include mushroom cloud"
................
Closing the tab.

There are still ongoing discussions regarding whether ChatGPT has great potential regarding price prediction and discovering potential risks on investment both in and outside of this forum. Seeing people already make predictions based on the AI's findings is kind of surprising, although nothing seems to be a surprise these days. I will call this 1 million-dollar prediction a prediction, and I believe 90 days is too short to achieve this kind of height. Even if all the analysis possibilities of the ChatGPT are met, this price prediction is 90% unachievable during this 90-day period of time. 

In some other point, I can also see this kind of information as some kind of news with the aim to attract more investors and a possible price increase to some certain point, then those behind the news speculation sell off their holdings. 

I have never been a fan of AI or robot predictions because I believe that the human mind or common sense is far more powerful than any computer. But some of the indicators of the possibility of Bitcoin price getting to $1million as stated by this ChatGPT are valid. Huge investment in Bitcoin by big government and non-governmental organisations, Bitcoin becoming a reserve currency of some rich nations, increase in bitcoin adoption due to more awareness and fall of some currencies could lead to increase in the price of Bitcoin.

As much as I will like Bitcoin price to increase but Bitcoin getting to $1milion dollars because of these favourable conditions in three months is an overexaggeration. ChatGPT lack the ability to reason and don't have common sense like humans, that's why I don't trust their prediction.

This is no doubt a key point to drive the price of bitcoin high. If all these institutions as mentioned come together to reaching an agreement in accepting and investing in bitcoin, there would definitely be a surge in bitcoin price globally as these institutions are run daily on financial basis but we all know the possibilities are minuit as they are registered with government and some are a government owned agencies in their various locality and this is just the only challenges to encounter in such process because most government are yet to legalize bitcoin in their countries. So therefore this particular point is likely not feasible in achieving this $1million bitcoin price.



Just like EL Salvador steps in purchasing 1 bitcoin every month and keeping it in their reserve, if other countries and big institutions globally follow that measures, there would be less bitcoin in circulation thereby causing an increase in demand which will also increase the purchase power of bitcoin.  This is another key strategy to achieving the $1million bitcoin price.


This point I strongly agree to without any bias or opposition that the daily activities of buying and selling with bitcoin as a means of payment for services rendered, goods purchase etc would increase the price of bitcoin because as long as the awareness is there, the adoption would not be a problem as the end users have seen the potentials and benefits attached or derived from bitcoin.
This can come in play through massive awareness in a global scale. For instance, if a multinational company that engages in daily sales and purchase of goods and services makes bitcoin a payment option, believe me you many of  their customers who are knowledgeable about bitcoin  would definitely opt for bitcoin to avoid fiat payment. This will increase the surge in bitcoin holding and purchasing power.

I just pray it happens or starts this way then wait for the global scale massive adoption.

I don't think we can hit that kind of bitcoin price in under 90 days. The marketcap of bitcoin will explode if we hit that. Currently we are on 26-27k bitcoin price range and as we can see, We are very far from that $1m price. The most possible price that we can speculate is around 50-100k if we are on a bull market but today, I doubt that we can reach that kind of price. If somehow a glorious miracle happened and we reached that kind of price inside that 3 months period, I'm sure that the power of AI will reign and AI projects will bloom along with chat GPT.

Do you really think we can reach $1M in 90 days? The little pumps hitting the market doesn't guarantee you that we will hit that high levels and that also under 3 months which seems impossible for upcoming years also.This is a public stunt according to me just to give his investment a boost and make some quick profits but in this we are also getting some hopes to break some barrier of $30k at least after a long time.

How can one rely on the prediction of a chatGPT,I don't think AI is capable to predict the price of bitcoin in the nearest future because it is dumb. Imagine the prediction that bitcoin price will hit $1m in the next three months, which is impossible  for the price of bitcoin to hit this amount at ATH 2025. All these predictions are misleading at one shouldn't depend on this AI that doesn't even understand the price movement of bitcoin,neither the actual price it will hit. From my understanding in three months time bitcoin should be around 30k and above because we haven't hit the bull run yet.

90 days are just too abrupt for the market to sustain. But I love the idea that it would go that high so quickly.

Since the speculation involves USD also inflating, it's a wonder which currency are we going to use to hedge when BTC take a nosedive. It's something to prepare for because you wouldn't want to hold something where its value also plunging.

bitcoin volume does billions a day and stays below $27k

so how much "institutional pension funds" need to be thrown into a market not just to spike it to $1m but keep it up sustainably..

the answer is.. it can cause a spike upto a point (right now ~$120k) but will correct just as fast as everyone else will sell once the pension funds have dropped off

to have a sustainable rise. it requires the fundamental value:premium economics outside the spot market to push up too.. this means raising the hashrate competition to make all methods of acquiring bitcoin rise where no one can mine cheaper than say $900k for no one to want to sell below $900k

because if the most efficient mining is still under $20k then those will sell below a ATH to be part of the correction
(current base value is ~$18k for 2023 and many countries have costs and OTC methods to get coin under $30k so even if one market spiked to $120k right now it wont last, let alone $1m)

there is a big reason no one sells below $15k in 2022 or $18k in 2023
there is also a reason why the ATH topped out at $70k in 2021 and only had a potential of $90k in 2022 and a potential of ~$120k so far this year.. where no one wanted to pay more, where the buys dried/would dry up. because if everyone on the planet was able to buy, swap, acquire, invest coin for under $70k/$90k/$120k respectively via other means, then no one wants to pay a premium on the retail spot market at that time

Such news can only play a part in increasing the price of Bitcoin. Many may start hoarding bitcoins in the hope that the price will rise. I never find these news effectively. Because there are various types of news about crypto constantly arriving. However, the correct decision can be taken by analyzing recent events and judgments.

A cool use for ChatGPT. Fun that such things can be done so easily now. How will is mere mortals compete?

As far as the chances that BTC hits a million that quickly… I won’t say it couldn’t happen, but I will say that if it does happen then money won’t matter so much. More important than having Bitcoin will be having clean water, food, and a means to protect yourselves from those who weren’t prepared for fiat’s collapse.

Obviously it's a new thing but this is more like forcing AI to answer a question because you want to listen to the answer of that question. The prompt here in Chat GPT must have been like how will bitcoin reach 1$ million in 90 days. This is much like a question that I want to prove my point some way or the other so I will answer it someway or the other. Because even though the points look pretty genuine and connected yet it's highly unlikely they will do some play in just the next 90 days.

Price predictions are silly. Can it happen? Sure, but not necessarily when you want or when you expect it.

Suppose the US gov can't stop the panic and half the banking system collapses, Biden will probably turn on the printer (or digitally with their new CBDC) to aid the banks at the expense of yet more inflation, so by the USD losing value it can reach 1M which could have the same purchasing power of say, current 30k.

And i have experienced that at least 3 times in my lifetime with my local fiat (which can disappear for all i care), so really the word "million" doesn't mean anything, its just some minor annoyance and prices simply don't mean much anyway. The only problem is people keeping savings in fiat, they will lose their wealth, because that's what its designed for: Don't save, invest or lend to others is what they want you to do with it... (a bank deposit in reality is you lending your money to them).

Enter Bitcoin, you need to read Austrian school of economy to understand how it all fits together.

If they manage to stop the panic, does it mean it will never hit 1M? In my opinion, it will just take more time. Two facts: USD emission is infinite, BTC is not.

We must admit that the possibility of this happening is incredibly low, but it is not zero, however for this to happen a complete collapse of the economic system as we know it will need to happen, and even if the system is frail after decades of abuse it is unlike that what it has not happened during the previous years is going to happen during the next days, besides even if this happened we will need to question ourselves about what one million dollars will buy in that scenario, as it is unlikely it will buy what it can buy now.

I also think the same way.  Even with all this news and hype, I don't think Bitcoin will hit $1m valuation in 90 days.  Chatgpt will only tell the potential scenarios of hitting the stated price of Bitcoin, but it is only a theory that favors Bitcoin price increase. At the end of the day, it is the Bitcoin adoption and market activities that will tell whether Bitcoin will reach $1m or not.

Do we think that bitcoin adoption will grow 3700% in just 90 days?  And if ever it does, how about people who are cashing out?  We can never ignore the resistance and even if FOMO kicked in the market, I still don't think it can carry Bitcoin to $1m in just 90 days.  Maybe some decade after.

Exactly, people need to strengthen their mind in their doing every day. because they might panic sell or panic buy because of this. But some of my friend seethat bitcoin might go up to some price but then it will go down deeper after, I mean it is not yet the time for bitcoin to pump endlessly. I think I will rely more on them rather than using AI, though I'm not saying I'm against it but it is more probably than having 1M$ in 90 days.

That is how I think about it too, that bitcoin will decrease in price which can be down to $17000 and then pump back up, bitcoin will halve and we are going to see more pump and most especially all-time-high.

About AI price guess of bitcoin getting to $1 million. Even in the next pump, $500000 is not certain not to talk of $1 million.

Normally I'd be mocking an AI trying to answer these high-level and complex questions, but it's on the spot guys. Wow.

None of these scenarios are realistic in the near future, however.

Also, I don't think it would hit $1M that fast even if these things did happen. The more likely scenario would be $100K, with $1M following in a few years (YEARS).

1 million dollars in 90 days! That is some stupid prediction not a bold prediction. Why would you listen to some guy from India who bought some bitcoin and created hype among his followers to buy more bitcoin so he can make some quick profit from it.

The funniest part of your post! You guys take predictions from chatGPT to confirm the predicted price of bitcoin.

heres a thought..
human: what can make bitcoins price rise (no time frame)
chatAI: lists possible scenarios

human, edits chat AI response to then make it look like all possibilities can occur in 90 days, even though thats not the request human posts edited response with clickbait title of 90 days


things to note.
when chat AI talks about ETF institutional pension money. thats not a within 90 days scenario

when chat AI talks about fiat inflation. thats not a within 90 days scenario

when chat AI talks about the halving in over 390 days. thats not a within 90 days scenario

what chat AI talks about  global shift of economic order.. thats not a within 90 days scenario

i think some asked AI what things can make the price rise (no time scale) .. AI gave some answers and then someone added a 90day subject line onto his media conversations and posts to pretend its going to happen in 90 days even though common sense shows some of those scenarios all take longer to occur and some are unlikely to occur at all

This is just impossible, I don't know what makes him do such a declaration... but even if the crypto market capitalization doubles up the price will not be close to 1 million.

Even in an epic scene where Tesla and Mac sell all their actions and invest that money in Bitcoin that will not send the price to $1M/coin... The amount of money that we need in the markets to see bitcoin at that price is just too much to make it happen.

It all sums up massive adoption and halving. I am a believer that someday that bitcoin will reach $1M but not this fast, maybe after a decade or close to it. I do really believe that something like this will trigger the price but it's gonna be a long way to go and it may look easy as it is as the trend changes every bull run. But who knows if, by the time it comes, it's gonna be less than a decade since the market shifting is very quickly happening and adoption is also increasing every time we meet a bull market.

Bitcoin's price is notoriously volatile and that there are many variables that influence its value, including public adoption and news affecting the cryptocurrency market, but it is important to keep in mind that there is no guarantee that the price of Bitcoin will ever reach $1 million or that it will take less than a decade to do so.
I'm really skeptical about your opinion but I'm pretty sure that mass adoption will happen sooner or later.