Peter Schiff Decodes ‘Flawed’ Logic of Bitcoin Going to Millions Per Coin

Quick Summary:

Bitcoin critic Peter Schiff recently spoke about the flawed logic of the Bitcoin community arguing about the US National Debt.

He also stated that Senator Lummis’ suggestion of using forex reserves for the BTC purchase is the same as borrowing, while the reserves could be used to reduce the national debt.

During the Bitcoin conference last Weekend, Wyoming Senator Cynthia Lummis proposed to use $70 billion from the US reserve to buy 1 million Bitcoins i.e.5% of the total supply.

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Article Details

Author / Journalist: Bhushan Akolkar

Category: Crypto

Markets: India

Topics: Fed rate cut Peter Schiff 24/7 Cryptocurrency News Bitcoin News Federal Reserve Senator Cynthia Lummis

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-29 @ 06:39:08 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 452 words

Reading Time: 3 minutes read

Sentences: 39 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21819688

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