Peter Schiff’s son no longer believes in bitcoin

A one-time enthusiast and laser-eyed bitcoin (BTC) bull, Spencer Schiff – son of crypto critic and gold bug Peter Schiff – now agrees with his father that the price of bitcoin is about to go to zero.

However, his reasoning differs significantly from that of his father, who he believes “is completely wrong about the economy.”

Not a bitcoin believer anymore?

Spencer Schiff expressed his new opinion on bitcoin on Twitter in response to ZeroHedge, who published a blog post predicting an upcoming “Great Depression”.

pre firmly disagree, claiming that the economy was about to enter “an unfathomable giant economic boom” that would substantially raise the standard of living of the average American. Yet in his view, this boom will not be related to bitcoin:

“I don’t think bitcoin will have a big impact on the world, and its price will probably drop to near zero in the next few years,” he said. Predicted on Tuesday. “My thesis is an AI thesis.”

My changing views have nothing to do with the bear market. I was very bullish on bitcoin even when it was at its bottom late last year. I even convinced my mom to buy some from below. The only reason I don’t care about bitcoin anymore is AI. Even if there was no AI, I would…

— Spencer Schiff (@SpencerKSchiff) 19 July 2023

Spencer Schiff has believed for years that bitcoin is an excellent long-term investment and inflation hedge. In March 2021, his father claimed that he was “completely hooked” to bitcoin soon after the price of bitcoin fell below $50,000.

Although bitcoin’s price has fluctuated little since that time, he stated as recently as April 2023 that bitcoin was “likely to monetize gold” in the long term. Both assets are often compared as inflation hedges due to their limited supply relative to fiat currencies.

While Schiff at one time believed that irresponsible monetary policy would soon lead to hyperinflation of the US dollar, he now claims that the productivity gains from artificial intelligence would trigger a rapid increase in productivity that would lead to an inflationary increase. Will also solve the social problem.

“No matter how much they print, prices will still fall,” he said. “Central banks don’t matter anymore. Annual economic output is set to increase 1,000 times that of 2023. Maybe 1,000,000 times more by 2040.”

not like your father

North of crypto potatoSpencer Schiff clarified that although he now believes his father’s long-term price prediction for bitcoin was correct, it was “only by accident”:

“My dad’s anti-Bitcoin arguments are really bad and don’t even make any sense,” he said. “He is completely wrong about the economy and I strongly discourage people from following his investment advice.”

Peter Schiff has spent more than a decade blaming bitcoin investors for thinking the asset could be effective money, arguing that it lacks “intrinsic value.” In contrast, his son still believes that bitcoin is better money than the dollar, but it will have its advantages. “modest” Thanks to AI for the tremendous increase in global productivity.

In April, Peter Schiff applauded AI bot ChatGPT for recommending gold as an investment instead of bitcoin. Nevertheless, he still claimed on Wednesday that AI is a “resulting fad,” and that much of its young fan base will be overtaken by the technology — such as with bitcoin.

My Son @spencerkchief there is no rush #bitcoin, As young people usually do, he has lost interest in old fads and moved on to something new. in this case it is #AI This has caught his attention. As bitcoin’s young fan base matures, many more people will exit bitcoin.

— Peter Schiff (@PeterSchiff) 19 July 2023