Schiff Says AI Threatens Bitcoin More Than Boosts It

Renowned financial expert Peter Schiff recently expressed his views on Bitcoin's (BTC) performance over the past five years, stating that he could have made a lot of money with it. However, he emphasized that Bitcoin HODLers who refused to sell have left even more money on the table.

Schiff has been vocal about his skepticism towards Bitcoin and its rallies, often advocating for gold as a safer store of value. In his recent post, he argued that artificial intelligence (AI) poses a bigger threat to Bitcoin than it does a boost.

According to Schiff, AI competes with Bitcoin for speculative capital, electricity, and data center space, which could potentially harm the cryptocurrency's long-term prospects. He also warned that AI could eventually find flaws in Bitcoin's code or cryptography that humans have missed.