Source

United

Bitcoin

Drops

Peter Schiff has sharply criticized Donald Trump’s recent proposal to use Bitcoin as a solution to the U.S. national debt. The U.S. national debt, currently around $35 trillion, is a pressing issue for lawmakers and citizens alike.&nbsp; 
During a FOX Business interview, Trump suggested that the United States should utilize Bitcoin and other cryptocurrencies to <a href="https://www.cryptotimes.io/2024/08/03/trump-suggests-bitcoin-as-solution-to-35t-national-debt/" target="_blank" rel="noreferrer noopener">pay the national debt</a>. Senator Lummis also supported the idea with a Bitcoin reserve bill that has been endorsed by 2,200 supporters. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img decoding="async" width="532" height="392" src="https://www.cryptotimes.io/wp-content/uploads/2024/08/Peter-Schiff-Slams-Trumps-Bitcoin-Plan-for-US-National-Debt.png" alt="Peter Schiff Slams Trump’s Bitcoin Plan for US National Debt" class="wp-image-194142">
 <figcaption class="wp-element-caption">
 Source: <a href="https://x.com/UmairNauman_/status/1820122440527167846" target="_blank" rel="noreferrer noopener nofollow">Peter Schiff</a>
 </figcaption>
 </figure>
</div> 
Schiff, who has been vocal in his negative opinions of Bitcoin, dismissed this proposal as a call for Bitcoin supporters to donate and vote. Schiff criticizes Trump’s plan as ineffective and for political purposes only. 
This proposal is premised on the notion that Bitcoin will be worth so much more in the future decades. Admirers believe that if the U. S. government buys bitcoins today and sells them in 20 years, the country’s debt can be cleared. They also claim that this would assist in avoiding inflation, although this is debatable. 
Schiff’s criticism centers on what he views as a contradiction in the Bitcoin debt-reduction plan. Bitcoin proponents argue that this approach could help prevent inflation. Schiff disputes this, pointing out the logical inconsistency in hoping for Bitcoin’s value to rise due to inflation while using it to resolve the debt without causing further inflation. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/05/bitcoin-drops-below-50k-5-reasons-for-crypto-bloodbath/" target="_blank" rel="noreferrer noopener">Bitcoin drops below $50K: 5 reasons for Crypto Bloodbath</a> 
</blockquote>

Peter Schiff Criticizes Trump’s Bitcoin Debt Repayment Plan

The Crypto Times

Other articles published on Aug 5, 2024

Lucie Alerts Shiba Inu Community to Rising Fake Treat Scams

JITO Foundation Releases Code for Jito Restaking on Solana

Switzerland Crackdown on Stablecoins In 2024: A Necessary Measure or a Hindrance?

Vitalik Buterin Offloads Shiba Inu Themed Memecoin Post Airdrop

Binance Pool Launches KASPA Network (KAS) Mining Service: A New Era for POW Cryptocurrency

Chainlink Join Hands With Wenia to Boost Transparency of Colombian Peso-Backed Stablecoin

Join our free newsletter for daily crypto updates!