Peter Schiff Recognizes Bitcoin’s Benefits Over US Dollar

Peter Schiff, a well-known advocate of investing in gold and an ardent opponent of cryptocurrencies, said that not only gold but also bitcoin wins compared to the US dollar.

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.

In the last fiscal year that ended September 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.

“The US national debt already exceeds $ 22.9 trillion, which is $ 3 trillion more than before Trump’s reign. 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 the public debt will increase by another $ 10 trillion, ” wrote
Peter Schiff on Twitter.

At the same time, the cryptocurrency critic said that bitcoin is better than fiat money, since 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 next financial crisis, with signs of an onset that is 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.