Economist Peter Schiff said on Sunday that AI is a threat to Bitcoin (CRYPTO: BTC), rather than serving as a positive catalyst for the cryptocurrency.
Schiff Attacks BTC Pumpers’
In an X post, Schiff called out what he saw as attempts by “Bitcoin pumpers” to connect BTC with the AI trade.
“They have it backwards. AI isn’t bullish for Bitcoin; it’s a threat to it,” he added.
Schiff stated that AI threatens Bitcoin by competing for speculative capital, electricity, and data centers, while “powerful” AI could “discover vulnerabilities” in its code, cryptography, or network security.
