Billionaire and bitcoin critic Peter Schiff called ChatGPT a smart tool to ignore the digital currency as a hedge and recommend buying gold as a crisis hedge.
Known for predicting the 2008 crisis in the United States real estate market, Schiff is a proponent of gold, which is to say, he would like artificial intelligence to agree with his theory.
It is worth remembering that many consider both assets, bitcoin and gold, as forms of protection. However, for Peter, bitcoin is an outdated technology that does not serve as a good long-term capital hedge.
“After all, ChatGPT AI is pretty smart. It has not recommended any allocations for Bitcoin.
#ChatGPT After all, AI is quite intelligent. It recommended no assignment #Bitcoin.https://t.co/mnhRN2TmFm
— Peter Schiff (@PeterSchiff) April 6, 2023
What’s in the article that chatted with ChatGPT and supposedly got the recommendation to buy gold and not bitcoin?
To say that ChatGPT is a smart technology, Peter Schiff quoted an article published by News Trail. However, in the material, the author Francisca Sequeira checks the facts.
According to her, fake news circulates on the internet, suggesting that ChatGPT indicated the purchase of goldholding cash and other assets such as equity protection.
However, she herself did research on the artificial intelligence tool last Thursday (6), where she did not get the same results. In her fact check, the author found that contrary to the call in the article, ChatGPT warns that gold can also suffer from financial crises.
In addition, gold has a very low position in the portfolios of reputable investors in the financial world and does not show itself as “invulnerable” in a possible crisis.
Apparently, without reading the verification, Peter Schiff shared the article based solely on the title, which he believed ChatGPT touted as gold, when in fact that is not the case.
Opportunities to poke bitcoin
Bitcoin critic, everything indicates that Peter Schiff did not miss the opportunity to use the image of the artificial intelligence tool to criticize the digital currency.
In recent days, he also said that Bitcoin will lead the collapse of risk assets, indicating that BTC will fall first in any financial crisis.
The view of the man who predicted the 2008 crisis is clear about bitcoin, that the currency is a speculative bubble that can wreak financial havoc. However, in recent years, Peter Schiff has regularly recommended selling bitcoin as the price of the currency continues to rise in the market.
Some bitcoin fans, it is worth remembering, believe in both gold and BTC as a reserve against financial crises.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
