Spencer Schiff, who has often pushed Bitcoin as the strongest crypto, is turning bearish on the king coin. The son of prominent economist Peter Schiff has made a surprising turn after being an outspoken critic of his father’s skepticism of Bitcoin.
Predicting no significant impact, Spencer predicts Bitcoin’s price could plummet while betting on AI innovations.
Bearish on Bitcoin—What Changed?
The former Bitcoin maximalist, Spencer Schiff, has shifted his attention to the advancements in artificial intelligence (AI). In a series of responses on Twitter, Schiff Junior said he sees it as the driving force of innovation. Schiff’s unexpected change in perspective has left some questioning the influence of his father’s opinions.
While another user was pinning hope on AI on the blockchain, Spencer responded,
“As far as I know, the only legitimate use for blockchain is bitcoin. Given that I’m now long-term bearish on Bitcoin, that also means I’m long-term bearish on blockchain.”
During the last bull run, Spencer Schiff had consistently criticized his father’s skepticism of Bitcoin. Responding to Peter Schiff’s tweet expressing doubt about the sustainability of Bitcoin’s price, Spencer Schiff dismissed the concerns.
He even accused him of obsessively watching the market and called it Bitcoin Derangement Syndrome. However, he now distances himself from the cryptocurrency, stating,
“I don’t think Bitcoin will have a major impact on the world, and its price will probably fall to near zero over the next few years. My thesis is an AI thesis.”
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Bitcoin Story Replaced by AI?
Earlier last year, a Twitter exchange between Peter Schiff and Spencer Schiff revolved around the future of Bitcoin. The economist argued that numerous altcoins could perform better, faster, and cheaper than Bitcoin.
Spencer disagreed with his father, stating that Bitcoin remains the strongest asset in history despite thousands of altcoins. He also challenged the idea that Bitcoin will be replaced.
Spencer Schiff’s change in perspective is peculiar to many. However, Spencer suggests that he has distanced himself further from his father. He anticipates a future marked by a permanent hyper deflationary economic boom.
He believes USD will rise in value, correlating it with the exponential growth in productivity and living standards.
In contrast to his son’s newfound skepticism, Peter Schiff has remained steadfast in his belief that gold is a superior investment compared to Bitcoin. He has previously predicted a rise in gold’s value despite the weakening dollar.
AI Advancements Face Regulators
In the meantime, Bitcoin has demonstrated resilience but is barely holding on above the $30,000 mark. According to CoinGecko data, the cryptocurrency market’s overall capitalization remains above $1 trillion, experiencing minor gains over the past 24 hours.
Meanwhile, Spencer Schiff dismissed the recent buzz surrounding a potential economic depression by pinning hope on AI. He anticipates an extraordinary economic boom that will elevate the standard of living for the average American.
Emphasizing the sustainability of this boom, Schiff places his confidence in AI as the catalyst for productivity, economic output, and improved living standards. His optimism aligns with AI advancements that have become the focal point of technological progress.
While AI continues to gain momentum, regulatory bodies in the United States have started investigating potential risks associated with the technology. The Federal Trade Commission’s probe into OpenAI, the maker of ChatGPT, is one in many.
The emerging technology has also triggered a strike among Hollywood writers, highlighting the ethical implications and privacy concerns associated with the sector.
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