According to foreign media, Peter Schiff, who has long seen no bitcoin, once again turned the focus to AI's relationship with BTC. In his letter of 23 August, he stated that the market was trying to include bitcoin in the AI investment theme, but he did not believe that the two were mutually reinforcing, but that AI could put new pressure on bitcoin.
Schiff said AI would divert money.
According to him, AI has become one of the strongest investment themes in financial markets today, and Bitcoin supporters want to use this heat to allow investors to see BTC as part of the AI deal. According to Schiff, the reality is more like the two competing for the same type of high-risk funds.
He also mentioned that there was competition between AI and bitcoin at the level of real resources, including electricity supply and data centre infrastructure. As the demand for training and reasoning increases, competition for related resources may intensify further.
Security risks are central arguments
The central point of view this time is not on the financial side, but on the security side. He stated that, with the increased capacity of the AI system, it might be possible in the future to identify previously unidentified loopholes in humans, which could be found in bitcoin codes, encryption mechanisms, wallets or network structures.
On that basis, he believed that the security of Bitcoin and the software and password mechanisms on which it relied might face new tests in the future. At the same time, however, the report notes that Schiff did not provide evidence that AI currently found such loopholes in Bitcoin.
Continue its position on empty bitcoin.
The same day Schiff also stated that “AI is not a scam, but Bitcoin is a scam”. This is a continuation of his many years of negative judgment about bitcoin. Over time, he has repeatedly advocated that investors should reduce or sell bitcoin to gold and silver.
In response to a discussion about the increase in the history of bitcoin, Schiff added that, while in the past holding bitcoin would have made a lot of money, it had been better not to hold bitcoin for almost five years. In his view, long-term currency holders had missed the opportunity to cash the proceeds and turn to precious metals.
A few days ago, he also publicly denied that Bitcoin had anti-inflation properties and stated that if the market were to bet on an expected rise in inflation and a loose monetary environment, the benefits would be more precious metals than bitcoin. He also described the round as a “false breakthrough” after the bitcoin broke by $72,000.