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ChatGPT tells me BNB will reach $300 by the end of 2023

8min Read

ChatGPT expects BNB to reach the price mark of $300 by the end of 2023.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

As per a recent WSJ report, Binance [BNB] was reportedly planning to end its partnership with Advance Cash, a payment processor facilitating ruble transactions for its users.

In another annoyance to Binance, US lawmakers called on the Department of Justice last month to consider charges against the exchange in light of the recent Hamas attack. This is despite the fact that several blockchain analytics firms have questioned the claim of the terror group receiving huge funds in crypto donations.


Read Binance Coin’s [BNB] Price Prediction 2023-24



It is also well known that Binance is under regulatory scrutiny across multiple countries.

This month, a Brazilian congressional committee called for indicting four top Binance executives, including CEO Changpeng Zhao “CZ,” on serious allegations ranging from fraudulent management to illegal sale of securities.

In the past, Germany’s financial regulator rejected Binance’s request for a crypto custody license. The exchange withdrew its request for regulatory approval in Austria. It also gave up its registration with regulatory bodies in the United Kingdom and Cyprus.

The exchange opted to quit the Netherlands after failing to register there. Belgium also ordered the exchange to suspend its operations in the country. The French authorities are also reportedly investigating the exchange on “aggravated money laundering” charges.

Recently, the exchange quit Russia too after selling the local unit to another firm.

It all began when the U.S. Securities and Exchange Commission (SEC) sued the exchange in early June for allegedly violating federal securities laws.

TradingView showed a surge in aggregated sell orders of about 125,000 BNB worth $37 million just before the SEC’s crackdown on the exchange. Speculations are rife around a possible case of insider trading. 

In another development, the U.S. Department of Justice (DOJ) was reportedly contemplating the possibility of bringing fraud charges against Binance.

Officials at the DoJ are concerned, Binance could trigger a situation similar to what FTX experienced in 2022. As a result, they were exploring alternatives such as imposing fines or establishing non-prosecution agreements with Binance, aiming to mitigate potential harm to consumers.

In March, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit accusing the exchange and its founder Changpeng Zhao “CZ” of violating local compliance rules to expand its business. The exchange decided to seek dismissal of CFTC’s complaint.

Earlier, BNB’s price rose barely 7% after Ripple [XRP] secured a partial victory in its legal battle with the SEC in mid-July. But it hasn’t led to a significant price rally.

The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws.

The crypto industry lapped up the judgement instantly, generating a price rally across tokens for some time. But no token could sustain the price rally.

The future course for Binance and its native token is shrouded in uncertainty. And, most of the investors and analysts in the space would be busy understanding the dynamics of making informed decisions going forward. We, at AMB Crypto, tried to get some help from an unlikely ally, ChatGPT.

ChatGPT—the AI sensation

Ever since it burst onto the scene, ChatGPT has become a rage, revolutionizing the way humans interact with AI. People have flooded the AI-powered chatbot with a plethora of use cases to get assistance with literally anything. Right from finding a bug in a code, asking philosophical questions about life, getting dating advice, and even writing full-fledged media articles (not this one though).

Put simply, it functions like a conventional chatbot that we have encountered in the customer support section of different e-commerce companies. However, the big difference here is that communication is more conversational, or to put it differently, more human-like.

Well, this is because it is trained using reinforcement learning from human feedback (RLHF). This helps it understand instructions and generate nuanced responses.

But crypto? Binance? Are we stretching the limits of ChatGPT? Let’s see.

Will Binance move out of the U.S. market?

Binance is not new to compliance-related issues in the U.S. In 2019, it ceased operating in the country and launched a separate exchange, Binance.US, its American arm.

The platform’s structure is quite similar to the fallen FTX [FTT] in the sense that a major part of its administration is being controlled from outside the U.S. Hence, it has always been under the radar of the regulators.

We started to test our AI friend by posing this very sweeping, although controversial, question. Currently, the ability of ChatGPT to express itself is hindered due to the restrictions imposed by the creators. To make it speak its mind, we used the “jailbreak” hack.

chatgpt bnb

Source: ChatGPT

ChatGPT speculated Binance might consider restructuring its services or operations in the face of a regulatory changes in the US. However, the final outcome is shrouded in uncertainty.

On a growing number of hacks on BNB Chain, ChatGPT says…

Apart from regulatory concerns, the ecosystem’s blockchain, BNB Chain, has gained notoriety over the rising number of decentralized finance (DeFi) hacks of late. As per a report by ImmuneFi, a Web3 bug bounty platform, BNB Chain was the most targeted chain in Q1 2023 with 33 incidents of hacks and exploits.

Here again, we turn to our AI partner to know if hacks will be the undoing of Binance. This time, it seemed as if it was ready to respond to this question promptly.

Source: ChatGPT

ChatGPT said hacks were ‘definitely a cause for concern’ and advised the developers to prioritize the issue. Otherwise, it may have a damaging effect not just on the adoption of the BNB Chain, but on the value of the BNB coin as well.

Well, ChatGPT asks readers to take its word of caution seriously. To address the security loopholes, BNB Chain soon announced a hard fork, which is scheduled to go live on 12 April.

Another thing that caught our attention was the use of BSC rather than BNB in the latest response. Now, it’s a known fact that Binance Chain and Binance Smart Chain are now collectively referred to as one entity—BNB Chain. The update took place in February 2022. However, ChatGPT continued to use BSC Chain. 

This, because its knowledge cutoff date is September 2021, meaning that it will base its answers on the information available until this date only.

Will Binance Coin survive the regulatory storm?

At press time, BNB was the fourth-largest cryptocurrency in the sector, with a market cap of more than $34.4 billion, as per CoinMarketCap.

BNB commenced a bullish cycle at the start of 2023, something that has helped it in gaining 27% on a year-to-date (YTD) basis. However, recent hiccups have applied brakes to its momentum.

Although setting unrealistic expectations amidst this FUD is not the most sensible thing to do, we tried to put ChatGPT under a bit of pressure. We asked it what price BNB will hit towards the end of 2023, given the current state of uncertainty. The AI bot predicts XRP’s price is going to reach $300 by the end of 2023.

chatgpt bnb

Source: ChatGPT

Enough of the AI praise! Needless to say, it isn’t practical to only depend on what an AI tool says in price predictions and markets. There is nothing like getting the insights of real-world experts.

Therefore, we got in touch with Marius Grigoras, Chief Executive Officer at BHero and a crypto-expert, to help us out with the same question that we asked ChatGPT. He stated,

While I cannot give a certain answer on whether BNB will reach $350 in 2023, we must consider the general market dynamics. It’s evident that the recent regulatory crackdown has taken its toll on the entire crypto market, including BNB. But despite some fluctuations in price which may occur in the short term, I believe BNB possesses the resilience to rebound even stronger in the long haul.

Did you find similarities between human opinion and AI opinion?

A look at BNB’s daily price chart

BNB continues to bleed out since the U.S. SEC filed a lawsuit in early June. At press time, BNB was trading at $229.


Is your portfolio green? Check out the BNB Profit Calculator


This is obviously not a good time for the token. The coin tanked to $220 during the December 2022 FUD around Binance’s proof of reserves.

Both BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested above the neutral 50-mark. It suggests we can expect a price rally soon.

chatgpt bnb

Source: BNB/USD, TradingView

Conclusion

While BNB’s on-chart metrics point towards a bullish price trend in the short run, ChatGPT predicts BNB’s price to reach $300. However, it’s critical to underline that these indicators fluctuate on a daily basis and might quickly take a wild swing.


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Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent. Ann uses her eye for attention to detail to focus on the regulatory and political developments associated with the crypto-space.
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