In a recent interview, Tucker Carlson challenged long-time gold advocate Peter Schiff on whether Bitcoin could emerge as a new global reserve currency as confidence in the US dollar continues to erode. Schiff firmly rejected the idea, describing Bitcoin as a speculative asset with no real-world utility and warning that proposals for a US Bitcoin strategic reserve would amount to a taxpayer-funded bailout for early adopters.
Schiff Criticizes Crypto and Economic Policy
Schiff also criticized official inflation data, arguing that Americans are misled about the true cost of living. He blamed fiscal policy and government spending, calling recent legislation a major driver of rising deficits. According to Schiff, government support for crypto represents a “complete waste of capital”, encouraging people to invest in assets that produce no income or tangible value.
Bitcoin vs Gold as Reserve Assets
When Carlson pressed him on how Bitcoin differs from gold or stocks, Schiff argued that Bitcoin demand relies solely on price speculation, while gold has non-monetary uses across jewelry, electronics, aerospace, and medicine. He added that central banks could not rely on Bitcoin, claiming large-scale liquidation would cause its value to collapse.
Schiff pointed to gold’s recent surge to record highs, while Bitcoin experienced short-term weakness, highlighting what he sees as a growing divide between digital assets and traditional stores of value.
Disclaimer
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