The post Peter Schiff Claims Bitcoin Fixes Social Security as BTC Hits $93K appeared on BitcoinEthereumNews.com.

Peter Schiff, a notorious Bitcoin skeptic, has posted a satirical proposal suggesting Bitcoin as a solution to Social Security’s funding challenges. The statement comes just as the cryptocurrency reaches a new all-time high of $93,477.11. The economist’s plan comes amid Bitcoin’s continued price surge, now trading at $91,162.07. Schiff’s Satirical Proposal Schiff’s elaborate plan suggests the Social Security Trust Fund should convert its $2.7 trillion in Treasury holdings to Bitcoin. I’m finally coming around. #Bitcoin fixes Social Security. I’ve got the plan: The Social Security Trust Fund now owns about $2.7 trillion in Treasuries. It should sell all of those Treasuries and buy Bitcoin. This buying will surely send Bitcoin to the moon, especially since a… — Peter Schiff (@PeterSchiff) November 13, 2024 – Advertisement – His satirical thread outlines a scenario where the Trust Fund acquires 25% of all Bitcoin, potentially pushing the cryptocurrency’s price to $20 million per coin. It would be creating a $100 trillion fund value that would far exceed the estimated $23 trillion unfunded liability over the next 75 years. Bitcoin’s recent performance adds an interesting backdrop to Schiff’s commentary. The cryptocurrency has demonstrated remarkable strength across all timeframes. It’s price saw a 3.9% growth over 24 hours and a 21.8% surge in the past week. The monthly gains stand at 38.8%, while the yearly return has reached 148.4%. Trading activity shows major volatility. The 24-hour range is spanning from $87,228.85 to $93,477.11, and the seven-day range extending from $74,807.70 to $92,468.73. – Advertisement – Schiff’s Change in Bitcoin Stance This satirical proposal marks a clear shift from Schiff’s previous statements. On November 12, 2024, he admitted he would have “loaded up” on Bitcoin. While this admission carried hints of regret, his latest commentary maintains his characteristic skepticism toward cryptocurrency through clever satire. Schiff’s plan…

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Filed under: News - @ November 15, 2024 5:23 pm