Spencer Schiff has for years said bitcoin is a great investment for the long term and a solid defense against inflation. Now, however, his views have changed. Peter Schiff’s son tweeted that what’s happening has nothing to do with the bearish trend in the crypto market. According to Spencer, he believed in bitcoin even when it bottomed out toward the end of last year.
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“I even convinced my mom to buy some bitcoins on the drop in the exchange rate. The only reason I don’t care about BTC anymore is because of artificial intelligence. If it weren’t for AI, I’d continue to think bitcoin would be worth tens of millions of dollars per coin.”
Spencer wrote this comment in response to a tweet by a user who predicts an impending “Great Depression”. The ex-cryptomaximalist disagreed, saying the economy is poised for great growth that will greatly improve the standard of living of the average American. However, this growth will not be linked to bitcoin, as the first cryptocurrency is unable to make a major impact on the world, unlike AI, Spencer believes. His father Peter Schiff, who favors gold investments, was quick to comment on his son’s statement:
“My son Spencer no longer believes in bitcoin. As is usually the case with young men, he lost interest in the passing fad and turned his attention to something new. Right now, his attention is on artificial intelligence. In time young bitcoin fans will outgrow that fascination as well.”
In March, Peter Schiff made the bold claim that the bitcoin exchange rate would crash to zero sooner rather than later. In June, he urged cryptocurrency traders not to be seduced by bitcoin’s rise, calling it short-lived.