After Google released its advanced chatbot, which garnered attention for its artificial intelligence (AI) capabilities, the technology has rapidly showcased its potential across diverse industries, including offering valuable insights to investors.
In a bid to explore potential cryptocurrency profitability, Finbold tasked Google Bard to identify five cryptocurrencies based on their price performance and potential return to investment (ROI).
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.
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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.
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.
“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 $62,5, experiencing a 63.8% price increase last month.
“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.
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 $4.99 billion.
Interestingly, it was chosen as one of the five cryptocurrencies to consider, but when further prompted to justify its decision, Google Bard said:
“A meme cryptocurrency with a large and active community, Shiba Inu 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
The mentioned assets have demonstrated resilience and positive advancements in the recent past, suggesting the possibility of further uptrends in December. Nonetheless, it’s crucial to acknowledge the dynamic nature of this industry, where conditions can change unexpectedly, so conducting personal research is imperative.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
