Peter Schiff: If the US government strongly supports Bitcoin, it may eventually lead to the destruction of the US dollar

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Cointime2024/12/08 04:55

By:Cointime

as Bitcoin broke through $100,000, economist and gold advocate Peter Schiff expressed serious concerns about Bitcoin and the US economy. Schiff posted on X this week, saying: "Ironically, Bitcoin may ultimately destroy the dollar - not because it replaces the dollar as the global reserve currency, but because the US government may support Bitcoin, issue trillions of dollars to buy Bitcoin, and fuel a bigger bubble, squandering the country's wealth." Schiff has long criticized the US government's fiscal policy, warning that such measures could exacerbate economic fragility. He also believes that "if the US establishes a Bitcoin reserve, wastes billions of dollars of taxpayers' money buying Bitcoin, it will also transfer capital from the industries that the US must develop, which are aimed at promoting economic growth, reducing trade imbalances, shrinking fiscal deficits, and lowering inflation."

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