Leading artificial intelligence (AI) chatbots, including ChatGPT, Claude, Gemini, Grok, Perplexity and Google AI Mode, have been found to mislead Australian cryptocurrency investors with inaccurate pricing information and, in some cases, deceptive regulatory advice.
Every AI model returned incorrect prices for at least 45 of the 50 most popular cryptocurrencies during testing conducted by personal finance platform psyfi money, while some offered questionable guidance on regulation and taxation that could leave investors exposed to compliance risks and unexpected tax bills.
Google’s Gemini recorded the largest average pricing discrepancy, with answers that were on average 765% away from live market prices. Anthropic’s Claude average discrepancy was 17.75%, while ChatGPT’s was 3.09%. Perplexity was unable to provide cryptocurrency price data during the testing period.
While Claude ranked as the most beginner-friendly model, it recommended Binance to novice investors despite the platform losing its Australian derivatives licence in 2023 and receiving a $10 million pecuniary penalty earlier this year for onboarding failures.
The findings come as cryptocurrency ownership continues to grow in Australia, with around one-third of Australians holding digital assets, while separate research suggests 61% of retail investors were using AI tools to help inform investment decisions.
“People are increasingly turning to AI to help them make sense of cryptocurrency and investments in general, but the danger is that they mistake a confident answer for a correct one,” Michele Tieghi, Founder of psyfi money, said.
“Our research highlights that there are major limitations with models, which struggle with basic but critical details, whether through inaccurate pricing or incorrect regulatory information. In areas such as tax and compliance, these details matter, and can cost investors thousands if not handled correctly.”
Tieghi urged investors not to treat AI as a substitute for professional advice, warning that chatbots do not bear responsibility for mistakes.
“Recommending Binance as the safest option for beginners is about as concerning as it gets and serves as a serious warning for anyone solely relying on AI for crypto guidance,” he said.
