Asking ChatGPT a question about Bitcoin as a typical Singaporean

I should have known better, I know. I shouldn’t have expected ChatGPT to lean one way and offer me financial recommendations. But I read about how one would get high-quality specific inputs if he gives short and structured prompts to ChatGPT. Erm, I fancied myself a good writer and thought that I would readily master the art of prompt engineering. So I crafted the following prompt, thinking that ChatGPT would either tell me to invest in Bitcoin because well, it’s the King or refrain from investing because of the conservative crypto environment in Singapore. So this was the prompt I crafted:

And this is ChatGPT's reply:

As an AI language model, I cannot provide financial advice, and the decision to invest in Bitcoin ultimately depends on your personal financial goals, risk tolerance, and individual circumstances. However, I can provide some information that may help you make an informed decision.

Bitcoin is a decentralized digital currency that operates without the involvement of intermediaries such as banks or governments. It is based on blockchain technology, which ensures that transactions are secure, transparent, and irreversible. Bitcoin has been gaining popularity as a store of value and a potential hedge against inflation, as its supply is limited, and it is not subject to the same monetary policy as fiat currencies.

However, it's important to note that Bitcoin is a highly volatile asset, and its value can fluctuate significantly in a short period. The lack of regulation and oversight also means that investing in Bitcoin can carry a higher degree of risk than investing in traditional assets like stocks or bonds.

Regarding Singapore's stance on cryptocurrencies, the government has emphasized the importance of ensuring that cryptocurrency activities are conducted in a regulated and responsible manner. The Monetary Authority of Singapore has introduced measures to combat money laundering and terrorism financing and has cautioned retail investors about the risks of investing in cryptocurrencies.

In conclusion, investing in Bitcoin may offer potential benefits as a hedge against inflation and a store of value, but it also carries significant risks. As with any investment, it's important to do your research, understand the risks involved, and make an informed decision based on your individual circumstances and financial goals.

I naively thought that ChatGPT would provide examples on how BTC acted (or failed to act) as an inflation hedge, citing figures up to the year 2021. I also assumed that it would provide concrete examples about when the Singapore government cautioned its citizens about the risks of Bitcoin investing. But I guess it’s good that even ChatGPT knows how to set its own boundaries!