January 28, 2023

Peter Schiff Recognizes Bitcoin's Benefits Over US Dollar

A well-known proponent of investment in gold and an ardent opponent of cryptocurrencies, Peter Schiff stated that according to Compared to the US dollar, not only gold but also Bitcoin wins.

Such a statement is surprising, because Schiff has often spoken unflattering about cryptocurrencies. However, the ever-growing US public debt forced him to reconsider his views on bitcoin.

For the last fiscal year that endedSeptember 30, US government debt increased by $ 1.17 trillion. In 2018, the fiscal year, government debt also increased by more than $ 1 trillion. According to negative estimates, by 2023, the US public debt could exceed $ 30 trillion.

“US national debt already exceeds $ 22.$ 9 trillion, $ 3 trillion more than before Trump. I think that over the 3 full years of his power, the total public debt will grow by $ 3.5 trillion, and by the end of his presidency he will increase by $ 5 trillion. At the same time, his heir will aggravate the situation even more. Whether it's Sanders or Warren, over the 4 years of their reign, public debt will increase by another $ 10 trillion, ”Peter Schiff wrote on Twitter.

At the same time, the cryptocurrency critic said thatBitcoin is better than fiat money, as it cannot be printed to finance various government programs. Bitcoin, like gold, is limited in reserves and the maximum number of bitcoins is prescribed in the algorithm.

Schiff noted last week that the nextthe financial crisis, the onset of which is becoming increasingly apparent, will be much stronger than the 2008 crisis. So far, Schiff has not recognized that bitcoin can be used to hedge financial risks, but perhaps he is already coming to this idea.

Recently, the CEO of a large mining pool Poolin Kevin Pan (Kevin Pan) said that the main problem of bitcoin is privacy.