Peter Schiff Rejects Bitcoin Backing Argument As BTC Trades Near $79,600

Peter Schiff reopened the Bitcoin-backing debate, arguing that miners’ energy use leaves nothing behind to support Bitcoin, while Bitcoin maximalist Jeff Swanson had called the asset the future of money. According to BeInCrypto, Schiff said energy is gone once spent, so it cannot back Bitcoin, and he contrasted that with gold, which remains after mining. Swanson also cited $39 trillion in U.S. debt, but Treasury data put total public debt above $40 trillion on Aug. 18 and at $40.10 trillion on Sept. 3. Bitcoin (BTC) traded near $79,600 on Sunday, down about 1.5% over 24 hours.