A recent study conducted by researchers at the Blockchain Research Lab in Hamburg, Germany, indicates that OpenAI’s launch of ChatGPT represented a rising tide scenario for cryptocurrency assets related to artificial intelligence.
Launched in November of 2022, ChatGPT quickly became one of the fastest-growing web platforms in history, eclipsing one million daily users in just five days and reaching the 100 million monthly users mark by January 2023. As of June 2023, it’s difficult to tell exactly how many monthly users the app now serves — OpenAI hasn’t disclosed any official user statistics — but some reports suggest that number may be as high as one billion.
The app’s popularity apparently had a follow-on effect for all things AI, with cryptocurrency being no exception. According to the researchers:
“The ChatGPT launch had a significant impact on the performance of AI-related crypto-assets, despite the overall cryptocurrency market being in a bearish state and risk-averse investor appetites. Using synthetic difference-in-differences, we found average price increases of at least 10.7% (35.5%) in the one-month (two-month) period following the launch.”
While 10.7% and 35.5%…
