Peter Schiff: AI is not a bullish factor for Bitcoin, but a potential threat Peter Schiff stated that Bitcoin supporters are trying to tie Bitcoin to the AI narrative, hoping investors will see it as part of the AI trading trend. However, he believes this view is completely the opposite. Schiff claims that AI is competing with Bitcoin for speculative capital, electricity, and data center infrastructure. As AI capabilities improve, it might even uncover previously overlooked vulnerabilities in Bitcoin's code, cryptography, wallets, or network. Bitcoin's security and scarcity ultimately depend on the software remaining secure.