Economist and long-time gold advocate Peter Schiff said in a social media post that he rejects efforts by Bitcoin supporters to tie the artificial intelligence narrative to Bitcoin. In his view, AI should be seen as a threat rather than a positive driver for the cryptocurrency. Schiff argued that AI and Bitcoin compete directly for speculative capital, electricity, and data center resources. He also said the bigger concern is that AI could uncover vulnerabilities in Bitcoin’s code, cryptographic algorithms, wallets, or network that humans have not yet identified. According to Schiff, such discoveries could undermine the foundations of Bitcoin’s security and scarcity. The remarks were cited by ChainCatcher in a market analysis brief.
Economist and prominent gold bull Peter Schiff said in a social media post that he rejects attempts by Bitcoin supporters to package artificial intelligence, or AI, together with Bitcoin as a bullish narrative.
According to Schiff, AI is a threat to Bitcoin rather than a positive factor. He said the two compete directly for speculative capital, electricity, and data center resources.
Schiff added that the more serious issue is the possibility that AI could identify vulnerabilities in Bitcoin’s code, cryptographic algorithms, wallets, or network that humans have not yet detected, which he said could weaken the foundations of Bitcoin’s security and scarcity.
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