Peter Schiff doubles down on Bitcoin skepticism, suggests USA coin as alternative

Peter Schiff has proposed the launch of USA Coin.
This is in line with his continued criticism of Bitcoin.

Peter Schiff, the outspoken critic of Bitcoin and a staunch advocate for gold, has once again aimed at the cryptocurrency. In a recent social media post, Schiff proposed the idea of a U.S.-issued digital currency called “USA coin” as an alternative to Bitcoin.

He suggested that USA coin could cap its supply at 21 million, like Bitcoin. However, it would have an “upgraded blockchain” to make it viable for payments.

While Schiff’s skepticism is well-documented, this new suggestion has reignited the debate on the viability of Bitcoin versus government-backed digital currencies.

Bitcoin vs USA coin – Schiff’s proposal

Schiff argues that Bitcoin’s scalability and use as a medium of exchange are its fundamental weaknesses. He claims that USA coin could overcome these challenges by improving blockchain functionality and leveraging the trust of a government-issued currency.

However, this suggestion has drawn criticism from Bitcoin supporters who emphasize decentralization as Bitcoin’s core strength.

Bitcoin is designed to operate without central control. The design ensures that no single entity, government or otherwise, can manipulate its supply or policies.

In contrast, USA coin, being issued by the U.S. government, would inherently be centralized. This centralization could limit its appeal to those who value Bitcoin for its resistance to censorship and inflation.