Peter Schiff uses ChatGPT to fight Bitcoin

It looks like no one will ever convince Peter Schiff that Bitcoin is a good investment that belongs in the same category as gold. The Bitcoin critic has turned to ChatGPT to argue that BTC is not digital gold.

In a recent tweet on X, Peter Schiff says, “It didn’t take me long to get ChatGPT to agree that Bitcoin is not digital gold, demonstrating that artificial intelligence can change its mind when confronted with logic.”

That sentiment has brought about two-sided arguments on what BTC is and is not. People on the other side of the argument have called AI out for inaccuracy, with one user noting, “AI is actually pretty crappy right now, Peter. It’s easy to get it to say what you want.”

Market investors continue to point out that Peter Schiff is indirectly obsessed with Bitcoin. Other crypto investors turned to GROK on the same argument, but the answers differ.

Elon Musk’s GROK says, “Ultimately, whether gold or Bitcoin is a better store of value depends on your investment horizon, risk tolerance, and belief in the future of digital currencies versus traditional assets. Both assets serve different investor psyches and economic environments, making the choice subjective to individual or institutional needs and visions for the future.”

Bitcoin vs. Gold weekend market performance

Both BTC and Gold are doing well this weekend. Gold rose by more than 1.2% on Friday, with the yellow metal expected to end the week with moderate gains of 0.22%. This follows the inflation data released on Friday and the Consumer Price Index (CPI) report on Thursday that restricted the Greenback’s rise. 

At the time of writing, XAU/USD was trading at $2,656. Analysts predict gold will hit $2700, but if it loses momentum, the metal will trade below $2600.

Toward the end of the week, BTC’s price dropped below $60,000 for the first time in three weeks. According to on-chain data from CoinGecko, the digital currency is up 3.3% today, trading at $62,948.

The price shifts have led to market liquidations. In the past 24 hours, 42,234 traders were liquidated, for a total of $114.54 million. The largest single liquidation order was on OKX—ETH-USDT-SWAP, valued at $6.09M.

Bitcoin’s market recovery comes after Mt Gox pushed its repayment plans to 2025, easing tension among investors. 

Bitcoin has been trading sideways for nearly 200 days since its halving in April. According to Ki Young Ju, CEO of CryptoQuant, if Bitcoin fails to trigger a bull market within 14 days, it will be the longest sideways phase since the halving of BTC.

Similarly, according to long-term trader Peter Brandt, Bitcoin has been trading below its all-time high of $72K for 30 weeks. Brandt predicts that the leading crypto will fall by more than 75% if it fails to make a decisive new all-time high during this time frame.

Altcoins and memecoins have also joined the market recovery. Ethereum is currently worth $2,454, up 1.8% in the last 24 hours. 

While the market recovers, XRP is hovering above $0.5300 as Ripple announced its counter-appeal filing against the US Securities and Exchange Commission (SEC) lawsuit.