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Famous Bitcoin Critic Says Cryptocurrency Could Destroy the Dollar
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Peter Schiff, economist and famous Bitcoin critic, recently suggested that Bitcoin could destroy the US dollar. But he did not say this in a tone of praise, but rather as a criticism of the United States’ strategy of creating a strategic reserve of BTC.
His comments focus on the potential for US government intervention in Bitcoin markets, which could have unforeseen consequences for the value of the dollar. Furthermore, one of Senator-elect Cinthia Lummis’ promises is create a strategic BTC reserve for the US – the project has already been filed with the country’s Congress.
Schiff, who has long argued that Bitcoin is a speculative asset, points to the possibility that the US government could inflate the money supply and create an unsustainable economic bubble.
It all started on Thursday (5), the same day that BTC broke its all-time high and reached US$103,000. Shortly after this happened, Schiff published a tweet on his X account saying that BTC only reached US$100,000 because of manipulations made by the US government.
Bitcoin will lead to the collapse of the dollar
The message took a note from Community Notes, but Schiff continued. The economist said that the rise of Bitcoin could eventually lead to the collapse of the US currency.
Schiff’s concerns focus on the possibility of the American government adopting Bitcoin on a large scale and, to do so, increasing the supply of dollars. Schiff believes that such a strategy could create an economic bubble on a large scale and even cause hyperinflation in the currency.
“Bitcoin could end up destroying the dollar. Not because it replaces the dollar as the global reserve currency, but because the US government would print trillions of dollars to buy it. This could fuel a larger bubble that squanders the nation’s wealth,” warned Schiff.
However, Fed Chairman Jerome Powell expressed a different opinion, stating that the Bitcoin is more comparable to gold than the US dollar. He emphasized that Bitcoin, like gold, is a speculative asset and not a direct competitor to the dollar.
Furthermore, the federal government is not the only US entity to have plans to create a Bitcoin reserve. Shortly after Trump’s election, the state of Pennsylvania created a bill that establishes a reserve of BTC.
Trump’s idea of building a Bitcoin reserve involves making annual purchases, so as not to affect the price abruptly. Therefore, the US will be able to accumulate a reserve of up to 1 million BTC during the term of the elected president.
Famous Bitcoin Critic Says Cryptocurrency Could Destroy the Dollar
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Famous Bitcoin Critic Says Cryptocurrency Could Destroy the Dollar
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Famous Bitcoin Critic Says Cryptocurrency Could Destroy the Dollar
