Renowned economist Peter Schiff challenges the notion that Bitcoin could single-handedly eliminate the United States' national debt. Despite claims from Bitcoin supporters that 1 million BTC could cover the $36 trillion debt, Schiff argues that such a scenario is unrealistic. He highlights the need for Bitcoin's market capitalization to increase by over 20,000% to even come close to settling the debt. At the current price of $102,286 per coin, 1 million Bitcoins would only amount to a fraction of the national debt. Schiff emphasizes that as the debt grows annually, Bitcoin would struggle to keep up. He also questions Bitcoin's potential as a global currency, noting limited adoption by countries. Ultimately, Schiff casts doubt on the feasibility of Bitcoin resolving the national debt crisis. Read more AI-generated news on: https://app.chaingpt.org/news

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