Following the launch of Google’s advanced chatbot, which sparked interest in artificial intelligence (AI), the technology has swiftly demonstrated its capabilities across various industries, including providing valuable insights to investors.
Finbold sought Google Bard to help identify five cryptocurrencies that might be profitable in the coming months. Leveraging the wealth of data it has at its disposal, the language model generated these five cryptos on December 3 based on there future potential and .
Bitcoin (BTC)
Bitcoin (BTC) is the original and most well-known cryptocurrency and “has a long track record of success and is considered a relatively safe investment. It’s also the most liquid cryptocurrency, meaning it is easy to buy and sell,” according to Google Bard.
The cryptocurrency is currency trading at $39,437, and it’s up over %132 in the last year. It has a market cap of $771,3 billion.
BTC year-to-date price performance. Source: Finbold
When asked why Bitcoin was included in the list, the Google Bard wrote:
Bitcoin has a finite supply of 21 million coins, which means that it is not subject to inflation like traditional currencies. This scarcity makes Bitcoin a valuable store of value. Also, it is powered by blockchain technology, which is a distributed ledger that is very secure and resistant to fraud. However, it’s volatile and subject to regulations.
Ethereum (ETH)
Ethereum is the second-largest cryptocurrency by market capitalization. It is a platform for decentralized applications (dApps) and is also home to non-fungible tokens (NFTs), which are unique digital assets.
The cryptocurrency is currency trading at $2,164, and it’s up over %70 in the last year. It has a market cap of $260,2 billion.
ETHyear-to-date price performance. Source: Finbold
“Ethereum has pioneered numerous blockchain innovations, establishing a commanding first-mover advantage in crucial domains like non-fungible tokens (NFTs) and decentralized finance (DeFi). However, its relatively low transaction throughput of 15 TPS remains a concern, potentially limiting its ability to handle large-scale applications,” wrote Google Bard.
Solana (SOL)
Solana (SOL) is a smart contracts platform with a unique architecture that allows it to process thousands of transactions per second while keeping costs extremely low. It’s among the cheapest cryptocurrency ecosystems on the market, as users pay less than $0.001 per transaction on average.
A few days ago, Solana’s DeFi ecosystem reached a significant milestone, with its Total Value Locked (TVL) hitting a new yearly peak of over $655 million. This marks a substantial increase of 211% since the $210.47 million TVL recorded on January 1, 2023.
SOL is trading at $62.51, experiencing a 63.8% price increase last month.
SOL one-month price performance. Source: Finbold
“Solana presents a compelling investment opportunity due to its high scalability, low transaction fees, thriving ecosystem, and strong developer support. However, it’s important to consider the potential risks associated with its relative newness, centralization concerns, ecosystem maturity, network outages, and regulatory uncertainty before making any investment decisions,” generated Google Bard.
Cardano (ADA)
Cardano (ADA) is a blockchain platform founded by Ethereum co-founder Charles Hoskinson, and its cryptocurrency is named after Augusta Ada King, who is commonly regarded as the first computer programmer.
The platform features a layered architecture with the Cardano Settlement Layer (CSL) handling transactions and the Cardano Computation Layer (CCL) for smart contracts.
Key to Cardano’s efficiency is the Ouroboros Proof-of-Stake (PoS) protocol, which randomly selects validators for transaction confirmation, making it more energy-efficient compared to proof-of-work systems. This shift contributes to Cardano’s sustainability and reduced environmental impact.
ADA is currency trading at $0.3953, experiencing a 23.70% increase in the last month.
“Overall, Cardano presents a promising investment opportunity due to its strong technical foundation, focus on research and innovation, growing ecosystem, environmental sustainability, and strong community support. However, investors should carefully consider the potential risks, including market volatility, regulatory uncertainty, ecosystem maturity, and technological advancements, before making any investment decisions,” wrote Google Bard
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme-inspired cryptocurrency introduced in August 2020, featuring the Shiba Inu dog breed as its mascot. Created by an anonymous entity known as “Ryoshi,” SHIB operates on the Ethereum blockchain and positions itself as an experiment in decentralized community building.
With a self-reported circulating supply of one quadrillion, SHIB aims to establish a decentralized ecosystem with community involvement in development and promotion.
SHIB is currently trading at $0.0000000008941, and is up 33.93% in the last seven days. It has a market cap of $876,332.54.
Interestingly, it was chosen as one of the five cryptocurrencies to consider, but when further prompted to justify its decision, Google Bard said this:
A meme cryptocurrency with a large and active community, Dogecoin is primarily driven by speculation and hype rather than genuine interest in its development or potential applications, and its limited utility, high supply, lack of developer activity, and regulatory uncertainty make it a risky investment.
The currency is a high risk to award investment, and many predominantly use it to trade due to the high volatility as highlighted by the chatbot.
Life without taking risks is tedious
All things considered, the above assets have shown strength and positive developments recently and indicate that further increases could be in store for them in December. However, things in this industry can sometimes change on a whim, so doing one’s own due diligence is vital.
