A topic as old as time, if time was a few years old – will Ethereum flip Bitcoin in terms of total market cap? Will ETH overtake BTC?
This has been the “to be or not to be” in the cryptocurrency industry, and it pins communities against each other like no other. It’s true that BTC has been the predominant market leader ever since it has been created, but a few years ago, who would have thought that another cryptocurrency would have a market cap worth over 40% of Bitcoin’s? Well, that’s the case for Ethereum today.
So, we decided to do what any sane person in 2023 would do – ask an AI language model what it (?) thinks. ChatGPT is all the rage in 2023, so who better to ask?
Can Ethereum Flip Bitcoin?
First things first, we prompted ChatGPT with this exact question: “Do you think Ethereum’s price can flip Bitcoin’s price in the next 5 years?”
The AI came back to us, explaining that this is an outcome that’s “uncertain and depends on various factors.”
According to ChatGPT, Ethereum’s robust ecosystem and use cases, such as DeFi, NFTs, and whatnot, could help it flip Bitcoin.
Ethereum’s broader use cases, such as DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and smart contracts, could potentially drive wider adoption and thus increase its value relative to Bitcoin.
Here’s where it got kind of interesting. You see, ChatGPT’s most recent knowledge cut-off on this topic was in September 2021. This means that it was before Ethereum transitioned to Proof-of-Stake.
That said, the second factor, according to the AI, is:
ChatGPT argues that “the successful completion of Ethereum’s planned upgrades, such as Ethereum 2.0, could significantly affect its price. This upgrade plans to improve the scalability, security, and sustainability of Ethereum, which could increase its attractiveness to investors and users.”
Well, Ethereum’s transition to proof-of-stake, otherwise known as “The Merge,” is already a fact in our timeline, and so far, it hasn’t really helped it get there.
What Else Could Help ETH Flip BTC?
The flippening can also take place under a few more conditions, according to ChatGPT. Regulation, for once, is among the factors.
Changes in cryptocurrency regulation could impact prices. More restrictive regulations could lower prices, while more accommodating ones could raise them.
While it does sound like an answer from Captain Obvious, it is true. Favorable regulation could push ETH’s price, but so far, the US government has taken a predatory approach, calling many of the projects built on Ethereum securities.
Going forward, the AI believes that market sentiment is also important. If enough investors believe Ethereum to be the better form of investment, it would inevitably lead to the flippening.
Last but not least, the broader economic factors, including inflation, economic growth, and overall changes in the financial sector, could also have an impact.
In conclusion, ChatGPT took a more cautious position and didn’t provide a straightforward yes or no answer. This was somewhat expected, but it what arguments would an AI use to structure a response to a question of this kind.
Of course, none of the above should be construed as financial advice. The content is solely for educational and entertaining purposes, and we do hope you had fun with it.