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 questioned 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.
Peter Schiff doubts Bitcoin’s ability to pay off U.S. National debt
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.
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) December 13, 2024
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.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
