Peter Schiff: "Resolving US Debt with Bitcoin is Impossible"
Son Min
Summary
- Peter Schiff expressed a negative view on the possibility of resolving US debt through Bitcoin.
- He explained that even if the US buys 1 million BTC, Bitcoin's market cap would need to reach $761 trillion.
- This is unrealistic, and by that time, the US debt would have increased, making it impossible to resolve.
Bitcoin critic and economist Peter Schiff expressed a negative stance on resolving US debt with Bitcoin.
On the 13th (local time), Peter Schiff stated on X, "Bitcoin bulls claim that if the US buys 1 million BTC, it could eventually pay off the US debt with Bitcoin," adding, "For 1 million BTC to pay off the US debt ($36.25 trillion), Bitcoin's market cap would need to reach $761 trillion." He continued, "This is six times the global GDP," and noted, "By then, the US debt would have increased significantly, making it impossible to pay off."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit