Economist Peter Schiff praised the Chatgpt assistant’s artificial intelligence for omitting bitcoin from its proposed “recession-proof” portfolio. The longtime gold supporter commented on a report claiming that the chatbot recommended a “large allocation” of the precious metal.
Schiff cited research showing that Chatgpt favors gold and cash as recession-proof investments
Peter Schiff, a staunch opponent of crypto, took to social media to highlight a recent report that revealed Openai’sChatgptwhen prompted to advise on a recession-proof investment portfolio, Bitcoin as an option He does not consider it as an option. Linking to an article about the test in a Thursday tweet, Schiff noted:
#ChatGPT AI is pretty intelligent after all. It didn’t recommend any allocation to #Bitcoin.https://t.co/mnhRN2TmFm
— Peter Schiff (@PeterSchiff) April 6, 2023
The experiment was conducted by a platform that provides information about gold IRA (individual retirement account) investments. According to the blog post, the artificial intelligence (AI) chatbot was asked to create an example allocation that was “resistant to boom-bust cycles.”
According to a Gold IRA Guide press release, Chatgpt suggested diversifying across a range of cash-like assets and commodities.” It mixed defensive stocks, bonds, cash, and precious metals to create a “truly recession-proof portfolio.
The “ideal model,” according to the announcement, consists of 40% fixed income, such as fixed-income government and corporate bonds, and 30% blue-chip stocks, such as health care, utilities, and essential consumer goods. Cash and its equivalents, such as U.S. dollars, money market funds, and certificates of deposit, were set aside as 10% of the portfolio.
Gold and other precious metals, in the form of physical and “paper-backed” gold and silver assets such as gold ETFs and mining stocks, made up 20%. These numbers far exceed those advocated by prominent “gold bug” asset managers such as Ray Dalio and Peter Schiff,” the authors note.
As Bitcoin.com News reported on Thursday, Schiff recently predicted that a bull market in gold would lead to even higher prices than currently observed. His remarks came after the most popular precious metal broke through the $2,000 mark earlier this week.
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