CandleFocus Can 1 million Bitcoin really pay off the $36 trillion U.S. national debt? Peter Schiff doubts
2024-12-14
Author: Content Editor
In this news content, Peter Schiff, a prominent critic of Bitcoin, expresses doubts about the idea that 1 million Bitcoins could pay off the U.S. national debt. He argues that Bitcoin's market cap would need to increase by over 20,000%, which he deems unrealistic. Schiff questions Bitcoin's global adoption and suggests that its value is driven by speculation rather than real demand. He also highlights Bitcoin's extreme price volatility, making it unreliable for everyday transactions. Despite the optimism of some Bitcoin supporters who believe the cryptocurrency could eventually reach $1 million per coin, Schiff views the notion of Bitcoin paying off the national debt as highly unlikely. He concludes that Bitcoin is a speculative asset driven by hope and lacks the real demand necessary for it to replace traditional money or assets like gold.
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