finbold.com
Amid the renewal of interest in artificial intelligence (AI) technology, sparked by OpenAI launching its text-based bot ChatGPT, another important player has joined the field – Google Bard – and it has already proven itself a useful assistant in trading cryptocurrencies and making investments in the crypto industry.
With this in mind, Finbold asked Bard to create an investment portfolio of several crypto assets for a beginner trader who has an extra $100 and wants to use it toward making an entry in the cryptocurrency sector, and it has provided detailed insights from the viewpoint as of August 3.
Bitcoin (BTC)
Bard’s first suggestion was investing in Bitcoin (BTC), which it referred to as “the most well-known and established cryptocurrency” and “a good store of value” that “has the potential to appreciate in value over the long term,” suggesting the allocation of 30% of the $100 budget to it.
At press time, the flagship decentralized finance (DeFi) asset was changing hands at the price of $29,127, down 1.41% on the day, as well as declining 1.31% across the previous week and losing 6.14% to its value over the past month.
Ethereum (ETH)
As the second suggestion, Bard specified Ethereum (ETH) as “the second-largest cryptocurrency by market capitalization” and a platform for decentralized applications (dApps) that “has the potential to disrupt many industries.” The AI tool believes it should also take up 25% of one’s portfolio.
Meanwhile, the current price of Ethereum stands at $1,835, which indicates a decline of 1.19% in the last 24 hours, a 2.22% drop across the past seven days, as well as a 6.31% loss on its monthly chart, according to the most recent information.
Cardano (ADA)
In third place is Cardano (ADA), “a newer cryptocurrency that is gaining popularity due to its energy efficiency and scalability,” to which an investor should devote 15% of the budget. Indeed, Bard singled out its use of the energy-efficient proof-of-stake (PoS) algorithm, as well as its ability to handle many transactions without congestion.
As things stand, Cardano was at the time of publication trading at the price of $0.295, recording a decrease of 3.9% to its value over the past day, declining 5.1% across the week, and losing 0.49% in the last month, as the latest charts indicate.
Solana (SOL)
Meanwhile, Solana (SOL), as “a fast and scalable cryptocurrency that is well-positioned to compete with Ethereum” in terms of energy efficiency and speed, thanks to its proof-of-history (PoH) consensus mechanism, should take up 10% of one’s portfolio, in Bard’s view.
In terms of its price, Solana demonstrates a decline of 3.83% in the last 24 hours, as well as a 10.43% drop across the previous seven days but still an 18.06% gain over the past month, as it is presently trading at $22.71, according to the data.
Polygon (MATIC)
Furthermore, Bard also suggested investing 10% of the $100 budget in Polygon (MATIC), “the layer-2 scaling solution for Ethereum that is helping to reduce gas fees and improve network performance,” and whose connection to Ethereum allows it to use the Ethereum network for security and decentralization.
Presently, the price of Polygon amounts to $0.674, which means it is recording a daily decline of 2.85%, as well as decreasing 7.79% in the last week and losing 4.35% to its value across the previous 30 days, as the charts show.
The Sandbox (SAND)
Finally, and interestingly, Bard also recommended allocating 10% to the native token of The Sandbox (SAND), a metaverse platform built on the Ethereum blockchain, which “allows users to create, own, and monetize their own virtual experiences” and as one of the most popular metaverse platforms, “has a large and active community.”
In the meantime, SAND is changing hands at the price of $0.409, having dropped 2.85% on the day, which adds up to the losses of 5.95% on its weekly chart, as well as of 9.31% across the past month, according to the information retrieved on August 3.
Conclusion
Indeed, Bard’s suggestions for distributing the $100 budget seem sound, particularly as it argued that “Bitcoin and Ethereum are the most established cryptocurrencies” and that Cardano, Solana, Polygon, and The Sandbox “have the potential to grow more in value over the long term.”
However, it is always important to do one’s own research before investing, and Bard recommends considering the project’s fundamentals (underlying technology, team’s track record, and roadmap), market capitalization, price, and volatility, as some of the factors to consider when doing so.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.