After more than a decade of apprehension toward Bitcoin (BTC), the world is finally warming up to cryptocurrency—and now, Artificial Intelligence is joining the club. Whether driven by bullish market sentiments or global adoption trends, AI now suggests that Bitcoin is a viable portfolio diversification strategy. This raises the question: are crypto-fearing nations, including India, listening?
Willy Woo, a well-known cryptocurrency analyst, posted on social media that he asked an AI robot, “Should I buy Bitcoin?” and the AI responded with a “Yes”.
Should I buy #Bitcoin? pic.twitter.com/HK7lfWlGGH
— Willy Woo (@woonomic) October 29, 2024
Willy Woo went to ask AI, “Please simplify your investment strategy into one sentence,” to which the AI robot replied, “Investing in Bitcoin requires weighing its high returns and inflation hedging potential, as well as its huge volatility, regulatory risks, and factors that require security management. It is best to consider it as part of a diversified investment strategy.”
For the uninitiated, AI response to a question is based on machine learning algorithms which analyzes vast data, including human-generated text, conversations, and interactions, to identify patterns and learn from them. And even though this response, too, is a result of the global conversational trends, it reflects that the narrative for Bitcoin is clearly winning.
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AI’s recommendation of Bitcoin could be attributed to its bullish trends. Bitcoin, as of now is exchanging hands at $70,971.80, after BTC briefly exceeded $71,500, which was only $2,000 away from it’s all-time high of 73,737 on March 14, 2024.
Apart from the market sentiments, Bitcoin is basking in a warm global embrace. A testament to this is- recently, BRICS nations discussed seeking alternatives to traditional dollar-based financial systems, and cryptos were a part of the alternative. In fact, the proposal for a crypto alternative came from Russia, and implies Russian Bitcoin miners being able to sell directly to international buyers. When it comes to smaller countries and their take on BTC, El Salvador led the space by being the first one to accept Bitcoin as a legal tender, and now the small Buddhist country in the isolated regions of Himachal- Bhutan, too has been quietly hodling Bitcoins.
In a nutshell, Bitcoin has always been here to stay, and countries that ignore this digital gold risk falling behind. India, are you listening?
Also Read: Why Is India Considering a Crypto Ban Yet Again?: Here’s Our Take
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