SCHIFF WARNS AI IS BITCOIN’S BIGGEST THREAT — THE ONE ASSET AI CAN’T INFLATE
Peter Schiff picked the fight Sunday afternoon. He picked the wrong asset to defend.
Schiff posted the argument on X. He said AI is a threat to Bitcoin in two ways. AI companies and Bitcoin miners fight for the same power, money, and data centers. AI could also find bugs in Bitcoin’s code, wallets, or network. He told investors the trade goes the other way. Sell Bitcoin. Buy gold.
A reader answered under the post. He listed six ways AI hurts gold, not Bitcoin. AI can find huge new gold deposits. Robots make mining cheaper. New tech unlocks low-grade and deep-sea ore. Recycling gets much better. Asteroid mining could flood supply someday. More supply means gold prices fall. Schiff replied “How so?” and went quiet.
SIX WAYS AI THREATENS GOLD — QUOTED FROM SCHIFF’S OWN THREAD
1) AI finds huge new gold deposits.
2) Robots make mining far cheaper.
3) AI unlocks low-grade and deep-sea gold.
4) Better tech dramatically improves gold recycling.
5) Asteroid mining could eventually flood supply.
6) More supply plus less scarcity means gold prices fall.
2) Robots make mining far cheaper.
3) AI unlocks low-grade and deep-sea gold.
4) Better tech dramatically improves gold recycling.
5) Asteroid mining could eventually flood supply.
6) More supply plus less scarcity means gold prices fall.
Gold has no code. Bitcoin has about twenty thousand nodes. Those nodes enforce one rule together. Every block either follows the rule or gets rejected. Software that tries to print an extra coin also gets rejected. No AI overrides that vote. Finding a bug is not the same as changing the rule.
Block 963,648 arrived on schedule this week. Difficulty adjusted on its normal ten-minute cadence. The supply cap held. The network kept running while Schiff typed. That is the answer he asked for.
AI can find more gold.
AI cannot add one satoshi past twenty-one million.
The cap is still twenty-one million.
AI cannot add one satoshi past twenty-one million.
The cap is still twenty-one million.
Bitcoin.com · Jamie Redman · Peter Schiff X post Aug 23 (source cited in article) · mempool.space block 963,648 · Sun Aug 23 2026