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$36 Trillion Question: Can Bitcoin Really Save the US? Peter Schiff Thinks Not
In a recent statement, prominent economist and Bitcoin skeptic, Peter Schiff, has raised doubts about the possibility of using Bitcoin (BTC) to pay off the United States’ massive national debt. According to his argument, even if BTC’s value surges significantly, it would still be impossible for the cryptocurrency to pay off the enormous debt.
Schiff stated that in order for 1 million Bitcoins to equal the current national debt of $36.25 trillion, the market capitalization of Bitcoin would need to increase by a staggering 20,000%. This, he believes, is highly improbable and thus makes it impossible for BTC to pay off the national debt.
He further emphasized that even if such exponential growth were to occur, the state debt would only continue to grow in tandem, making it all the more challenging for Bitcoin to cover the outstanding balance. Schiff pointed out that the US government annually borrows money, leading to a perpetual increase in its debt. This means that the national debt will not remain fixed at $36.25 trillion but rather continue to rise.
In addition, Schiff questioned whether Bitcoin would ever be adopted as a global currency on par with fiat currencies like the US dollar and euro. He argued that despite its significant price appreciation, Bitcoin has yet to achieve widespread adoption worldwide, and many governments still resist the idea of replacing their national currencies with crypto.
Schiff posited that Bitcoin’s value is primarily driven by speculation rather than genuine demand. “Bitcoin is a speculative asset, and its value is driven by hope, not real demand,” he said in his statement.
The economist concluded that it would be futile to rely on Bitcoin as a solution to the United States’ financial woes, citing the cryptocurrency’s limited use case and lack of widespread adoption.
Source: bitcoinist.com
