Economist Peter Schiff praised the chatgpt assistant’s artificial intelligence for omitting bitcoin from a suggested “recession-proof” portfolio. The longtime gold advocate commented on a report claiming that the chatbot has recommended “massive allocations” in precious metals.
Schiff cites a study alleging that Chatgpt favors gold and cash as recession investments
Rigorous cryptocurrency opponent Peter Schiff took to social media to highlight a recent report revealing that Openai chat point has not considered bitcoin as an option when asked to advise on a recession-resistant investment portfolio. Linking to an article about the test in a tweet on Thursday, Schiff noted:
#ChatGPT AI is pretty smart after all. He did not recommend any assignment to #Bitcoin.https://t.co/mnhRN2TmFm
—Peter Schiff (@PeterSchiff) April 6, 2023
The experiment to which reference is made has been carried out by a platform that offers information on investments in gold IRAs (individual retirement accounts). According to a blog post, the artificial intelligence (AI) chatbot was asked to produce example assignments “resilient to boom-bust cycles.”
According to a Gold IRA Guide press release, Chatgpt suggested diversifying into a range of cash-like assets and commodities. The mix included defensive stocks, bonds, cash and precious metals to create a “truly recession-resistant portfolio.”
The announcement details that the supposed “ideal model” included 40% bonds, such as government bonds and fixed income corporates, and 30% blue-chip stocks such as health care, utilities and essential consumer goods. For cash and its various equivalents (US dollars, money market funds and certificates of deposit) 10% of the portfolio was reserved.
Gold and other precious metals, in the form of physical and “paper-backed” gold and silver assets, including gold ETFs and mining stocks, got 20%. “This figure far exceeds the number proposed by leading gold bug wealth managers such as Ray Dalio and Peter Schiff,” the authors commented.
Schiff recently predicted that a bull market for gold will lead to even higher prices than currently seen, as Bitcoin.com News reported on Thursday. His remarks came after the most popular precious metal broke the $2,000 mark earlier this week.
Do you agree with the investment portfolio allocations suggested by AI and Peter Schiff? Share your thoughts on the subject in the comments section below.
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