Bitcoin

Peter Schiff doubts that 1 million Bitcoins could ever pay off the U.S. national debt, as Bitcoin’s market cap would need to increase by over 20,000%, which is unrealistic. He also questions Bitcoin’s global adoption and sees its value increased more by speculation than real demand. 
Some Bitcoin fans believe that if the U.S. government buys 1 million Bitcoins, it could eventually pay off the massive $36 trillion national debt. However, Peter Schiff doubts this idea, in a recent X post he <a href="https://x.com/PeterSchiff/status/1867637647709286609" rel="nofollow" target="_blank">questioned</a> whether Bitcoin could eventually pay off the $36.25 trillion national debt. 
For this to happen, Bitcoin’s total value would have to increase significantly. Currently, Bitcoin is priced at around $100,000. So, 1 million Bitcoin at $100,000 per Bitcoin would be worth $100 billion in total, not enough to pay off the U.S. national debt, which is around $36.25 trillion. 
<h3 id="peter-schiff-doubts-bitcoin-s-ability-to-pay-off-u-s-national-debt">Peter Schiff doubts Bitcoin’s ability to pay off U.S. National debt</h3> 
Schiff says this isn’t possible, as Bitcoin would have to increase in value by over 20,000%, which is unrealistic. 
Even if Bitcoin’s value increases, the U.S. debt keeps growing. The U.S. government borrows money yearly, so the debt is expected to continue rising. This makes the idea of Bitcoin paying off the debt even harder to believe. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Plus, by then the National Debt will be much more than $36.25 trillion, requiring a much higher Bitcoin price to pay it off. 
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1867652110940352917?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 13, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Peter Schiff has long criticized Bitcoin, saying it lacks value and won’t replace traditional money or assets like gold. He points out Bitcoin’s extreme price swings, making it unreliable for saving or buying everyday things. He believes most Bitcoin buyers are speculating, not using it as money. 
Schiff also doubts Bitcoin will ever be widely adopted. While its price has grown, Bitcoin still needs to be used as a global currency. Only some countries have accepted it as official money, and most governments resist replacing their currencies with Bitcoin. Schiff believes Bitcoin will always remain the world’s main currency. 
Some Bitcoin supporters think the cryptocurrency will keep increasing in value as more people adopt it. They believe it could even reach $1 million per coin, making it an alternative to traditional money. 
However, Schiff sees the idea of Bitcoin paying off the U.S. national debt as highly unlikely. The market cap required for such a scenario is too large, and the growing national debt makes it even less possible. 
As Peter Schiff says, “Bitcoin is a speculative asset, and its value is driven by hope, not real demand.” 
While Bitcoin might continue to grow for some, Schiff believes that paying off the U.S. national debt is just an unrealistic dream. 
Land a High-Paying Web3 Job in 90 Days: <a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-2" target="_blank">The Ultimate Roadmap</a>

Can 1 million Bitcoin really pay off the $36 trillion U.S. national debt? Peter Schiff doubts

Table of Contents

Cryptopolitan_News

Other articles published on Dec 14, 2024

BlackRock Dismisses XRP ETF Idea: Here’s Why, According to Company Executive

JASMY Heating Up: December’s Final Weeks Could Be Your Retirement Ticket

Crypto Gems: These 5 Altcoins Could Multiply Your Portfolio 40x by 2025

BitGlobal Files $1 Billion Lawsuit Against Coinbase Over WBTC Delisting

Justin Sun calls out Coinbase’s leadership over wBTC delisting controversy

$AWAWA | The Next 100X Memecoin | 0% Tax | 1 Billion Total Supply | $553.50K Market Cap | Join th...

Join our free newsletter for daily crypto updates!