Just noticed something pretty wild in the crypto discourse. Spencer Schiff, who's been one of Bitcoin's most vocal advocates for years, just flipped his entire thesis. And yeah, he's Peter Schiff's son – the same guy whose father has been dunking on Bitcoin since forever.

But here's where it gets interesting. While Spencer now agrees with his dad that Bitcoin's headed to near zero, their reasoning couldn't be more different. Peter Schiff thinks it's because Bitcoin has no intrinsic value. Spencer? He's saying the real story is AI.

According to Spencer, we're not heading into a depression like ZeroHedge predicted. Instead, he's calling for "an unfathomably enormous economic boom" driven by AI productivity gains. His take: Bitcoin won't matter in that world. "Its price will probably fall to near zero over the next few years," he said this week. "My thesis is an AI thesis."

Remember, this is the same guy who went all in on Bitcoin below $50K back in 2021. He was genuinely bullish on it as an inflation hedge, even saying last year that Bitcoin could demonetize gold long-term. That conviction has completely evaporated.

The shift in thinking is pretty revealing about where some serious market participants' heads are at. Spencer's argument is that if AI unlocks 1,000x productivity gains – maybe even a million times higher by 2040 – then inflation becomes a non-issue. "No matter how much they print, prices will still collapse," he said. When productivity explodes like that, the entire scarcity narrative around Bitcoin just falls apart.

What's almost funnier is how he still disagrees with his father on basically everything else. "My dad's anti-bitcoin arguments are really bad," Spencer said. "He's completely wrong about the economy and I strongly discourage people from following his investment advice." But on Bitcoin's price? Accidentally on the same page.

Peter Schiff, for what it's worth, is still pushing gold and recently praised ChatGPT for recommending it over Bitcoin. Though he also called AI a "passing fad" this week, which is pretty on-brand for him.

The real takeaway here isn't about one guy changing his mind. It's that the narrative is shifting. The inflation hedge story that drove so much crypto conviction is losing steam against the AI productivity thesis. Whether that actually plays out is another question, but it's definitely the conversation people should be paying attention to right now.