👋 Good morning finance enthusiasts and fellow investors!
I hope you had a good week and are ready to dive into the exciting world of AI in finance and crypto investing. Because today I have fantastic news to share with you all!
Last week I told you that we were working on something big behind the scenes. Although we'll be announcing it officially next week, I thought I'd give you a little taste.
At CryptoExplorer, we're excited to announce soon that we're developing an AI-powered chat bot designed specifically for investors like you. This innovative tool will revolutionize the way you make investment decisions and pave the way for even greater success in the dynamic world of finance and cryptocurrencies.
We literally just opened the waitlist a few minutes ago, and I'm excited to share it with you. An official announcement will follow in the next few days, but I thought I had to share some insider news with my valued readers. Over the next few days we'll clarify what exactly you can expect, but I can guarantee it will blow your mind! So if you want to be notified as soon as the chat bot goes live, sign up below.
If you don't want to wait until the official launch, you can become a beta tester. As a beta tester you will get access to our beta version, which will be released in the next weeks (the exact date will be announced). To become a beta tester, all you have to do is tell your friends about this newsletter! Invite 3 or more friends and you will get access to our beta as soon as possible! Click below to invite your friends.
Once three or more friends have joined the newsletter, you're on board! 🔥
But enough of that, let's take a look at the potential of artificial intelligence when it comes to investing, personal finance and cryptocurrencies.
What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) is the development of intelligent machines that can think, learn, and perform tasks like humans. It involves algorithms and technologies that enable computers to understand language, recognize patterns, make decisions, and adapt to new situations. AI has the potential to revolutionize industries by improving efficiency, accuracy, and problem-solving capabilities, which also impacts the finance industry and the way people will invest in the next years.
My Opinion on AI
I think AI is inevitable. The last few months have shown how fast the technology is developing and the endless benefits it brings. We could talk for hours about the benefits and dangers of AI, but let's rather focus on the financial aspects:
Do I invest in AI startups?
It's advisable to approach the hype surrounding AI startups with caution. Instead, consider focusing on entities that consistently generate profits regardless of the success of all these startups. For example, GPU manufacturers like Nvidia or suppliers such as Taiwan Semiconductor Manufacturing could be viable investment options. There is a saying I often like to quote:
When Everybody Is Digging for Gold, It’s Good To Be in the Pick and Shovel Business
~ Anonymous
Do I invest in AI coins (crypto projects)?
No - as I stated months ago, I don't see enough good reasons to invest in AI coins. Most are just capitalizing on the hype - no real use case.Do I personally use AI?
Yes, absolutely! I used AI for this newsletter as well. Not to write the full newsletter, but to improve my written English, find additional ideas, and get suggestions for improvement. If you are not yet using AI tools, you should definitely do so. By using AI, you can work faster and more efficiently, and therefore make more money.
I think everyone should use AI tools and use new technologies, otherwise they will be replaced pretty quickly in the future. However, I think it is important not to become dependent on AI. (Real) skills that go beyond the ability to use AI tools will become increasingly important in the future!
How will AI help us?
Always Available (24/7/365): My goal is to help people become better investors. As you know, you can always reply to my emails and ask me any questions you might have. But a weekly email and a few conversations via email are not enough in my opinion. Imagine a chatbot answering all your questions, keeping you up to date with the latest news and explaining the current market situation. All this will come soon - stay tuned 😎
Automated Portfolio Management: The question we are asked most often at CryptoExplorer is "What do you think about coin XYZ?". Although we can't make personal investment recommendations (for legal reasons), we can tell people our thoughts about the coin. Since we have a quite data-driven approach, we will learn this to our chatbot so that it can provide you with the results in real time.
Data-driven Decision Making: To make good decisions, you should use data. Getting that data can be a lot of work, but a mix of data scraping, automation and AI can solve it for us.
Risk Assessment & Management: Are you overexposed to a particular asset class, do you have a strange mix of risky meme coins, or are you unsure of the level of risk in your portfolio? Data-driven AI models can do all of this and help individual investors better understand the risk in their portfolio.
Real-time Market Monitoring: Checking the portfolio every day, using different platforms for research and reading the news can be tiring. AI can do this for you and summarize what is most important.
Improved Efficiency & Cost-effectiveness: All of this can be archived for any number of investors, making it possible to make solutions available to everyone cost-effectively and whenever information is needed.
What are the downsides of AI?
High Dependence: With all the convinience also comes some downside. If you get too dependent on AI tools, you might not learn what it actually means to be a good investor. AI is a tool, not a 100% solution. Always make sure to be able to do the work also without AI, because in a few years this will be worth a lot in my opinion.
Inaccurate Information: One of the challenges is the possibility of AI models occasionally providing inaccurate information, which can have serious implications. It's important to recognize that AI algorithms are trained on historical data and patterns, and there is a risk of biases or errors in the training process.
Regulatory & Legal Considerations: Regulatory and legal considerations surrounding AI are still catching up with the rapid advancements in the field. Particularly in the realm of investments, there are numerous discussions and developments underway.
The next steps
Join our waitlist and embark on this exciting journey towards revolutionizing your investments. Remember, the more friends you invite to our newsletter, the sooner you'll gain early access to our Beta version!
And let me know if you have any use case ideas, features you'd like to see and other comments you might have!
Enjoy your weekend!
Cheers
Stefan
This is great! I will be a beta tester for sure
Great read, Stefan :)