- Schiff blasted the concept that the government might buy BTC today and sell it 20 years later.
- Borrowing billions to purchase BTC, according to Schiff, only increases debt and inflation.
Bitcoin sceptic Peter Schiff recently criticized the Bitcoin community for its illogical arguments over the US national debt. The belief that the Federal Reserve would soon switch to money printing has led many Bitcoin proponents to predict that the price of BTC will skyrocket to millions of dollars per coin, further increasing the US national debt. Schiff thinks this kind of thinking is completely incorrect.
To settle the national debt without inducing inflation, Schiff blasted the concept that the US government might buy Bitcoin today and sell it 20 years later.
Additionally, he brought attention to the paradoxical aspect of thinking that Bitcoin’s price could reach such high values as a result of inflation, while also proposing that the government might use Bitcoin to deal with the debt problem without adding to the currency’s inflation.
Defeating the Point of Bitcoin Investment
Schiff went even further, casting doubt on the “never sell your Bitcoin” investing tenets advocated by Trump and Michael Saylor. Schiff posed the question, “if that’s true and no one who buys Bitcoin ever sells any, what’s the point of owning it?” when disputing the theory on Twitter.
A contradiction where investors live in poverty while collecting BTC might result from this method, according to Peter Schiff. He said that such an approach would be impractical and would defeat the point of Bitcoin investment.
At last weekend’s Bitcoin conference, Senator Cynthia Lummis of Wyoming suggested purchasing one million Bitcoins, or five percent of the entire supply, using $70 billion dollars from the US reserve.
Borrowing billions to purchase Bitcoin, according to Schiff, only increases debt and inflation. He went on to say that the United States government is already deeply in debt, so any increase in spending will need even more borrowing.
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