Bitcoin cannot offset national debt: Peter Schiff claims that one million Bitcoins, currently worth about 100,000 USD each, totaling only 100 billion USD, are insufficient against the staggering 36.25 trillion USD U.S. National debt. This enormous gap highlights the unrealistic nature of such expectations.
Speculative nature harms Bitcoin’s role: Schiff emphasizes that Bitcoin is treated as a speculative asset rather than a reliable means of saving. Its value primarily fluctuates due to market speculation, thereby questioning Bitcoin’s ability to serve as a stable global currency amid ongoing national debt growth.
Growing national debt diminishes potential: As the U.S. National debt continues to rise beyond 36.25 trillion USD, the odds of Bitcoin’s value reaching a level capable of settling this debt decrease. Schiff’s perspective suggests that relying on Bitcoin for this purpose is ultimately unrealistic.