Once a bull and enthusiastic bitcoin (BTC) enthusiast, Spencer Schiff — the son of cryptocurrency critic and gold glitch Peter Schiff — now agrees with his father that the bitcoin price is heading to zero.
However, his reasoning differs greatly from his father’s, who he believes is “all wrong about economics”.
No longer a believer in Bitcoin?
Spencer Schiff expressed his new take on Bitcoin in response to Twitter’s ZeroHedge, who posted a blog post predicting an upcoming “Great Depression”.
the former strongly disagree, claiming that the economy was about to enter an “unimaginably gigantic economic boom,” that would greatly boost the average standard of living of Americans. However, in his view, this boom will not be about bitcoin:
“I don’t think bitcoin will have a huge impact on the world, and its price is likely to drop to near zero over the next few years.” and expect Tuesday. “My thesis is a thesis on artificial intelligence.”
My changing opinions have nothing to do with the bear market. I was still very bullish on Bitcoin the day it hit bottom late last year. I even convinced my mom to buy some right on the bottom. The only reason I don’t care about bitcoin anymore is AI. If it weren’t for AI, I would still be…
– Spencer KSchiff July 19, 2023
Spencer Schiff has for years considered Bitcoin to be an excellent long-term investment and hedge against inflation. In March 2021, his father claimed to have gone bitcoin “everything” shortly after the bitcoin price plunged below $50,000.
Although the price of bitcoin has fluctuated a lot since then, he said as recently as April 2023 that bitcoin would “likely de-trade gold” in the long term. Both assets are often compared as inflation hedges due to the limited supply relative to fiat currencies.
While Schiff once believed that irresponsible monetary policy would soon lead to hyperinflation in the US dollar, he now maintains that productivity gains from AI will lead to massive productivity growth that solves any societal problems related to inflation.
“No matter how much they print, prices will still crash,” he said. Central banks are no longer important. Annual economic output is about to increase 1,000 times that of 2023. Possibly 1,000,000 times higher by 2040.”
Not like his father
In response to the Potato encryptionSpencer Schiff explained that while he now believes his father’s long-term price predictions for Bitcoin are correct, they are “only by chance”:
“My father’s arguments against bitcoin are really bad and don’t make sense,” he said. “He is completely wrong about the economy and I strongly discourage people from following his investment advice.”
Peter Schiff has criticized Bitcoin investors for more than a decade for believing that the asset can be effective money, arguing that it lacks “intrinsic value.” By contrast, his son still believes bitcoin is better money compared to dollars, but so will its benefits “trivial” Thanks to artificial intelligence, seismic increases in global productivity.
In April, AI Bot ChatGPT was praised by Peter Schiff for apparently recommending gold as an investment over Bitcoin. However, he still claims that artificial intelligence is a “fad” on Wednesday, and that much of its young fan base will outgrow the technology – as with Bitcoin.
my son @employee It is no longer bullish # Bitcoin. As young people usually do, he lost interest in a fleeting fad and moved on to something new. In this case it is #ai This is what caught his attention. As Bitcoin’s young fan base matures, so will a lot of Bitcoin.
– Peter Schiff (@PeterSchiff) July 19, 2023
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