Peter Schiff: Bitcoin Isn't a Real Asset, AI Is a Threat, Not a Tailwind

Peter Schiff, the gold investor and a longtime bitcoin critic, said in a recent post on social media that bitcoin is not a real asset and that its value has no connection to traditional assets such as gold, stocks or real estate. He rejected the argument that bitcoin can act as an inflation hedge. Investors looking to protect themselves against inflation should choose gold or silver instead, he said. Schiff also argued that artificial intelligence is a threat to bitcoin, not a positive factor for it. In his post, he addressed criticism that he had missed bitcoin's price rally. Schiff said his decision not to hold bitcoin over the past five years was correct. He added that long-term holders who never sold actually missed the chance to lock in profits, because they held onto their positions instead of taking gains during the rally. The comments, posted on social media, were reported by U.Today.