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ChatGPT Ignites Revolution in AI Crypto Markets, Says MUIC Lecturer

poster-ChatGPT Ignites Revolution in Ai Crypto Markets, Says MUIC Lecturer
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ChatGPT Ignites Revolution in AI Crypto Markets, Says MUIC Lecturer

By Dr. Aman Saggu

In the bustling corridors of financial academia, Dr. Aman Saggu, a lecturer in crypto-economics, banking, and finance at Mahidol University International College, published a paper in the Finance Research Letters journal dissecting the monumental impact of ChatGPT on artificial intelligence (AI)-related crypto assets. It is not merely an evaluation but rather a clarion call, signalling the break in dawn in the financial world, one heavily influenced by the surging tide of AI.

Echoes of AI in Tech Titan’s Chambers

ChatGPT, the revolutionary brainchild of OpenAI, was released on November 30, 2022, attracting 100 million users in a couple of months—a rate of growth that set a new record in the tech industry. By April 2023, it commanded the attention of 1.8 billion monthly users. In the earnings calls of tech giants in April 2023, the term ‘AI’ echoed repeatedly. Leaders from Meta, Alphabet, Microsoft, and Amazon collectively mentioned AI 168 times, underlining a renewed estimation of AI’s significance in the tech landscape. Financial markets mirrored this excitement, amplifying valuations of AI-centric firms like,, and NVIDIA, a hardware titan, witnessed a doubling of share valuations this year, riding on the expected explosion in demand for AI services and supporting infrastructure.

The ChatGPT Phenomenon

The list of companies directly related to AI in the stock market is relatively short; however, in the crypto-verse, CoinGecko and Coinmarketcap catalog a vibrant cohort of AI-related crypto assets. The new research, employing the sophisticated synthetic difference-in-difference methodology, illuminates the profound impact of the ChatGPT launch on AI crypto assets in contrast to non-AI crypto assets. A month after the launch, CoinGecko’s curated list of AI crypto assets soared a staggering 10.7%, skyrocketing to 35.5% in the following month, defying the bearish market sentiment in the cryptocurrency market.

The Battle of Retail vs. Institutional Investors

The study also brings to light the pivotal role of retail investors in the AI crypto asset boom ignited by ChatGPT. Before the ChatGPT launch, Google search volumes for terms like “AI,” “artificial intelligence,” and “ChatGPT” had minimal influence over AI crypto asset prices. However, the ChatGPT launch revolutionized the landscape. Search volumes for these keywords became crucial pricing indicators for retail investors. Essentially, retail investors learned to navigate the shifting terrain of AI through the prism of search volumes.

Simultaneously, the study unearths a tectonic power shift in the AI crypto market. Institutional investors, once market giants, now appear to be spectators. Before and after the ChatGPT launch, their influence, measured by the frequency and sentiment of financial news wires on Thomson Reuters Eikon, had little impact on AI crypto assets or their non-AI counterparts. This shift aligns with JP Morgan’s 2022 survey, which revealed that 72% of institutional investors were not planning to trade crypto assets within the next five years. This AI crypto revolution, stoked by retail investors, is heralding a fresh chapter in market. dynamics and offers insights into the future of crypto finance.

ChatGPT: Igniting a Financial Revolution

The study uncovers the transformative influence of ChatGPT, pointing to a seismic shift in the AI crypto asset market and hinting at the emergence of a new financial era destined to reshape the investment landscape. The symbiosis of AI and cryptocurrencies has birthed a unique space where AI crypto assets are now in the limelight, carving out new investment pathways, regardless of skepticism over their transient nature, and setting the stage for a future where AI and cryptocurrencies intertwine seamlessly, indelibly changing the face of the financial world.

About the Author

About the Author

Dr. Aman Saggu, B.S., M.S., Ph.D., is a lecturer in Crypto-economics & Banking at Mahidol University International College.

Reference: Saggu, A., & Ante, L. (2023). The Influence of ChatGPT on Artificial Intelligence Related Crypto Assets: Evidence from a Synthetic Control Analysis. Finance Research Letters, 103993.,

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