Bitcoin miners shift capital and infrastructure to AI, signing over $70 billion in contracts amid competition for speculative funds.
Peter Schiff warns that artificial intelligence could divert speculative capital and infrastructure from Bitcoin, potentially undermining its price. His argument centers on competition for electricity, data-center capacity, and investor funds historically allocated to BTC.
Public Bitcoin miners have already committed over $70 billion to AI and high-performance computing contracts, according to CoinShares. This shift suggests miners are reallocating resources away from Bitcoin, though no data confirms AI investments would otherwise have flowed into BTC.
Schiff’s claim that AI could expose a fatal Bitcoin vulnerability remains unproven, with no identified flaws in the cryptocurrency’s protocol.