ChatGPT AI impacts healthcare, Rising prices hit Americans, China's redistributive policies affect property developers

2023-01-19, 07:33

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As we have seen in the past, global events and the crypto world are often intertwined. This week has been no different, with a number of major developments affecting the crypto community.

## Quick Looks
1. SEC v. Winklevoss twins | Crypto
2. How ChatGPT Is Impacting Healthcare | AI
3. Rising Prices Impacting Americans | Inflation
4. BOJ Defends Yield Cap Implies No Changes Under Kuroda | Trades
5. China's latest policies’ impact on the country's property developers | Real Estate

## Crypto kings in turmoil
The Winklevoss twins, Cameron and Tyler, are not having a great time lately. After enjoying a period of success with the price of [Bitcoin](https://www.gate.io/trade/BTC_USDT) and their own fame, they are now dealing with falling crypto prices, unhappy customers, and the feeling that they may have made a mistake. In response, they have publicly criticized Barry Silbert, a fellow digital currency businessman and former partner, and the Securities and Exchange Commission (SEC), which recently sued their company, Gemini Trust Co.

Cameron and Tyler have accused Silbert of greed, recklessness, and accounting fraud and also criticized the SEC as "super lame" and politically motivated. Other crypto leaders are also blaming others for the current state of the market, but the Winklevoss' deflections are particularly striking given their previous claims of being safe and regulated.

## ChatGPT AI Shocks Researchers by Acing Medical Exam, Paving the Way for a New Era in Healthcare
ChatGPT, the powerful generative AI model, just made history by acing all three parts of the U.S. Medical Licensing Examination. This exciting breakthrough, conducted by the innovative healthcare start-up Ansible Health, is a clear indication of ChatGPT's potential to revolutionize clinical diagnoses and decisions in the medical field.

But, before you get too excited, it's important to note that ChatGPT hasn't been trained on any medical datasets and it's not designed to provide medical advice. However, the early results are promising and the possibilities are endless. Imagine ChatGPT assisting medical professionals in providing explanations to patients and even taking on general practitioner tasks such as wellness checks.

But don't worry, medical professionals will not be replaced by AI, it's still in early stages and it's not expected that AI models will be able to autonomously diagnose patients anytime soon.

## Rising Prices Impacting Americans: New Survey Reveals All
A new survey by Morning Consult reveals that overall consumer spending took a hit in December, with a staggering 4.3% drop from the previous month. That's not good news for economic growth, especially when an increasing number of Americans are spending more than they're earning. But, don't despair yet, shoppers are getting creative and making trade-offs. For example, to afford rising food prices at home, households are cutting back on restaurant spending.

But, it's not just the lower income earners who are feeling the squeeze, even the more affluent Americans are feeling the pinch. 28% of those earning less than $50,000 said expenses outweighed their income in December, a big jump from 21% last year. Rising prices, particularly for food and shelter, are hitting everyone hard. This is just one data point, but more data on retail sales at the end of 2022 is expected to be released later today.

## BOJ’s Determination to Defend Yield Cap Signals No Big Monetary Policy Changes Under Kuroda
The Bank of Japan has decided to maintain its ultra-low interest rates and bond yield cap, instead of phasing out its massive stimulus program as market expectations. This move sent the yen skidding against other currencies and bond yields tumbling the most in decades, as investors unwound bets they made anticipating the central bank would overhaul its yield control policy.

Governor Haruhiko Kuroda has crafted a new weapon to prevent long-term rates from rising too much, which some analysts took as a sign he will hold off making big policy shifts during the remaining months of his term.

## China’s new era of redistribution: The impact on the country's property developers
Many of the country's wealthiest and most powerful titans, like Hui Ka Yan, chairman of China Evergrande Group, are seeing their fortunes plummet and their political influence wane.

Hui, who was once the second-richest person in Asia with a net worth of $42 billion, has now seen his fortune dwindle down to a mere $3 billion. But that's not all, he's also been removed from the elite Chinese People's Political Consultative Conference (CPPCC), an exclusive group made up of government officials and big business names.

Hui is not alone in this, as many other property magnates like Shimao Group Holdings Ltd.'s Hui Wing Mau, Guangzhou R&F Properties Co.'s Zhang Li and Powerlong Real Estate Holdings Ltd.'s Hoi Kin Hong are also no longer part of the CPPCC.

This shift in attitude towards property developers is a reflection of President Xi Jinping's "common prosperity" drive to redistribute wealth and curb debt in the real estate sector, which is affecting banks, trust firms and homeowners. As a result, China's five richest property tycoons have lost a combined $65 billion in the past two years.

It's worth noting that the CPPCC role is like an honorary reward given to business people who make contributions to the country, so it's not surprising at all that property tycoons who created trouble in the property sector with their over-leveraging are out of the list. It's definitely a tough time for China's property developers, but it'll be interesting to see how this reshuffle plays out in the long run.

[![](https://gimg2.gateimg.com/blog/166564757626299037220221013-155242.png)](https://www.gate.io/activities/crypto-news-carnival#/ "![](https://gimg2.gateimg.com/blog/166564757626299037220221013-155242.png)")

<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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