Peter Schiff Condemns US Debt Payment Plan With Trump's Proposed Bitcoin

Peter Schiff has criticized the plan to pay off US debt with Bitcoin (Photo; Doc. Cryptotechnic)

JAKARTA - Peter Schiff, again criticized the latest proposal from the US presidential candidate, Donald Trump, who is considering using Bitcoin to pay off the United States' national debt. In an interview with FOX Business, Trump proposed the idea of using Bitcoin and crypto checks as a way to address the country's current debt burden of around 35 trillion US Dollars (around Rp564 quadrillion).

The growing US national debt has sparked concern from various parties, including politicians and the general public. In an effort to find solutions, several figures such as Trump and Senator Cynthia Lummis of Wyoming have suggested that the US government buy large amounts of Bitcoin and sell it in the future when the value of Bitcoin is expected to increase drastically. Supporters of this strategy believe that in this way, the US can pay off its debt without causing more severe inflation.

However, Peter Schiff disagreed with this idea. He considered that Trump's plans were merely an attempt to attract the attention of pro-Bitcoin voters and gain political support from the crypto community. Schiff, who has long been known as a Bitcoin critic, called the proposal a tactic to raise funds and votes, not a real solution to the national debt problem.

Schiff also highlighted a contradiction in the thinking of Bitcoin supporters. According to him, it is very illogical to rely on Bitcoin as a national debt payment tool while claiming that the price of Bitcoin will rise drastically due to inflation. Quoted from Coingape, Schiff argues that if the value of Bitcoin increases due to inflation, then its use to pay off debt will only worsen the inflation problem itself, not overcome it.

Schiff's criticism has left a disagreement between himself and the Bitcoin community, which has been constantly promoting crypto assets as a solution to various global economic problems. Although many parties are optimistic about the potential for Bitcoin in the future, Schiff remains skeptical and warns that relying on this digital asset could pose a big risk to the global economy.