Brian O’Roark, Professor at Robert Morris University, and I examined ChatGPT’s answers to several economics questions. In the first video, we asked “Is Bitcoin a viable form of money?”
The answer ChatGPT gave:
Bitcoin in a digital currency that has gained widespread popularity and adoption in recent years. while it is not yet widely accepted as a form of payment by merchants, it has come a popular investment vehicle and is used by many individuals as a store of value.
Whether or not Bitcoin can be considered a viable form of money depends on one's definition of money, Traditionally, money has three functions: it serves a as medium of exchange, a unit of account, and a store of value. Bitcoin can serve as a medium exchange as it can be used to purchase goods and services from merchants who accept it as payment. It can also serve as a unit of account, as the value of goods and services can be expressed in Bitcoin terms.
However, the volatility of Bitcoin’s value makes it difficult to use as a reliable store of value. Furthermore, Bitcoin is not backed by a government or a central authority, and its value is determined by market demand rather than any intrinsic value. This makes it vulnerable to extreme price fluctuations, which can make it difficult to use as a stable medium or exchange or store of value.
In conclusion, while Bitcoin has some characteristics of money and can be used as a medium of exchange, it is not yet widely accepted, and its volatility makes it a risky investment and a less reliable store of value compared to traditional forms of money such as fiat currencies.
Check out our reaction in this video
In this second video, we examine ChatGPT’s thoughts how to fix the national debt.
And finally, here we discuss the importance of economic growth: