- 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.
STAT AI Notice
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
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 BloomingBitPiCK News
Despite BTC Rise, Coinbase Premium Falls… Potential Weakening of Upward Momentum
6 minutes ago
Binance Announces Second Batch of Binance Alpha Projects
25 minutes ago
"Ethereum (ETH) to Reach $5,000 by Year-End if It Breaks $4,100"
1 hours ago
Lee Chang-yong: "Downward Pressure on Next Year's Growth Rate is High... The Sooner the Supplementary Budget, the Better"
2 hours ago
Anonymous Whale Buys $120 Million Worth of Bitcoin
2 hours ago
Ranking News