Gold advocate Peter Schiff reopened the Bitcoin backing debate this weekend, arguing that the energy consumed by miners leaves nothing behind to support the asset. He responded to Bitcoin maximalist Jeff Swanson, who had listed three pillars: energy expenditure, a fixed issuance schedule, and record computing power. For Schiff, energy vanishes the moment it is consumed, unlike gold which remains after extraction. Swanson’s comparison between Bitcoin and US government debt of $39 trillion however presents a flaw, as Treasury data shows total public debt outstanding exceeding $40 trillion since August 18. Bitcoin was trading near $79,600 on Sunday, down roughly 1.5% over 24 hours.
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