The New York Stock Exchange (NYSE) is considering entering the cryptocurrency trading arena, potentially impacting the price of Bitcoin according to ChatGPT's predictions. As the world's largest stock exchange by trading volume, NYSE's foray into crypto markets could substantially increase the demand for digital currencies, including Bitcoin (BTC).
ChatGPT's Bitcoin Price Predictions Post-NYSE Listing
Finbold reported that the advanced AI model from OpenAI, ChatGPT-4o, predicted the potential impact of Bitcoin being listed on the NYSE. This AI model offered three different price predictions for Bitcoin in the short, medium, and long term based on this scenario.
Short-Term Prediction: Immediate Surge Expected
In the short term, ChatGPT-4o predicts a spike in Bitcoin's price due to speculation and excitement surrounding the potential NYSE listing. This AI model estimates a price increase of 20 to 30 percent, elevating Bitcoin to around US$82,000. This aligns with analysis from a veteran crypto trader, indicating that such a listing would generate significant immediate interest and investment.
Medium-Term Prediction: Increased Legitimacy and Investor Inflows
For the medium term, within six to twelve months post-listing, ChatGPT-4o forecasts Bitcoin could reach a price range of US$100,000 to US$120,000. This prediction considers the influx of new investors, increased legitimacy, and broader acceptance of Bitcoin resulting from its trading on the NYSE.
Long-Term Prediction: Market Maturation and Institutional Adoption
Looking further ahead, this AI model suggests Bitcoin could reach a price range of US$150,000 to US$200,000. The long-term prediction is based on the assumption that crypto trading on the NYSE will lead to increased institutional adoption, market infrastructure improvements, and overall market growth. As Bitcoin solidifies its position as a digital store of value, its price has the potential to reach these levels.
Industry Insights and Regulatory Perspectives
At the Consensus 2024 event, NYSE President Lynn Martin expressed optimism about offering crypto trading, contingent upon clearer US regulations. The success of US-listed spot Bitcoin ETFs, which have amassed US$58 billion, demonstrates strong demand for regulated crypto products. Meanwhile, NYSE's competitor, CME, also plans to launch spot crypto trading, indicating growing interest among major financial institutions.
On the other hand, Tom Farley noted rapid evolution in the US political stance towards crypto, predicting regulatory advancements in 2024-2025. Martin remains hopeful to leverage blockchain technology to enhance financial processes, especially for less liquid assets. However, Farley indicated that regulator mistrust towards public blockchains might push traditional financial firms to develop private blockchains for settlement purposes. Clear regulatory guidance is crucial for the growth and innovation of the crypto industry in the US.
