The son of a famous economist has ceased to be a Bitcoin maximalist, having lost interest in it thanks to the advent of artificial intelligence.
Spencer Schiff has been saying for years that bitcoin is a great investment for the long term and a reliable hedge against inflation. However, now his views have changed. The son of Peter Schiff tweeted that what is happening has nothing to do with the bearish trend in the crypto market. According to Spencer, he believed in bitcoin even when it hit the bottom at the end of last year.
“I even convinced my mom to buy some bitcoin when the price fell. The only reason I don’t care about BTC anymore is artificial intelligence. If not for AI, I would continue to think that bitcoin would be worth tens of millions of dollars per coin.”
This comment was written by Spencer in response to a tweet by a user who predicts the coming “Great Depression”. The ex-cryptomaximalist disagreed, stating that the economy is in for a big boost that will greatly improve the standard of living of the average American. However, this growth will not be associated with bitcoin, since the first cryptocurrency is not able to have a serious impact on the world, unlike AI, Spencer is sure. His father, Peter Schiff, who prefers investing in gold, was quick to comment on his son’s statement:
“My son Spencer no longer believes in bitcoin. As is usually the case with young people, he lost interest in a fleeting fad and switched to something new. Now his attention is occupied by artificial intelligence. Over time, young bitcoin fans will outgrow this hobby.”
In March, Peter Schiff made the bold claim that the price of bitcoin would eventually collapse to zero. In June, he urged cryptocurrency traders not to be deluded by the growth of bitcoin, calling it short-lived.
