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An old debate about the future of money reignited this week when… Prayer American journalist Tucker Carlson, gold supporter, Peter Schiff, led a public debate linking Bitcoin, inflation, and the dollar’s global status.
Schiff has been an outspoken critic of cryptocurrencies, and used the discussion as an opportunity to reiterate his view that Bitcoin is a speculative product with no other interest than profit.
He said that if the decision to create a US Strategic Position for Bitcoin was made to pay interest to early adopters, then it would be interest paid by taxpayers instead of good financial policy.
Schiff dismisses Bitcoin’s importance as a speculative commodity
Schiff said that the main reason for the demand for Bitcoin is that buyers believe that they will be able to sell it later at a higher price, something that he compared to a foolish theory, but it is not a profitable investment.
The exchange was made at a higher rate of inflation and government spending.
Schiff told Carlson that inflation figures do not represent the true cost of living that families face, arguing that CPI adjustments underestimate inflation.
He said that inflation is often attributed to companies when in fact it is due to the spread of money and credit.
Schiff has also criticized the fiscal policy of both Democratic and Republican administrations, particularly criticizing Trump’s “Big Beautiful Bill” proposal as raising interest rates while expanding government spending and cutting taxes.
Treasury Secretary Bessent urges the Fed to accelerate rate cuts even as the jobless population hits 208,000, citing simple facts "only need" promote economic growth.#Fed #RateCuthttps://t.co/1XytXIfpqG
– Cryptonews.com (@cryptonews) January 8, 2026
Schiff said that many of the financial problems occurred because of the end of gold in 1971, when the American dollar became a sufficient currency.
He said the value of the dollar was tied to gold and that decades of low interest rates and money printing had eroded purchasing power and distorted commodity prices.
Gold takes a hit as Schiff questions Bitcoin’s role as a safe haven
The questions also discussed the changes in the world.
Schiff said that because the dollar is the world’s largest reserve currency, the United States has been able to meet its trade deficits, spending more than it produces.
He added that such a plan would cause controversy as countries are reassessing how much they rely on the dollar, especially since the sanctions imposed on Russia have taught people a real lesson about the dangers of holding dollar reserves.
He also said that central banks have also changed their holdings in gold, which is reflected in recent prices.
Global trade tensions and a 17% increase in prices in January started pushing gold prices well above $5,000.
Bitcoin was close to $88,000 as the Asian markets became cautious, with investors weighing on the US revenue and Trump’s new tax on South Korea.#CryptoMarketUpdate #AsiaMarketOpen https://t.co/r9619iYrpd
– Cryptonews.com (@cryptonews) January 27, 2026
Conversely, the price of Bitcoin at one point fell below $86,000 during the same period, a move Schiff used as an excuse to argue that investors are looking to buy traditional stores of value rather than speculative stores.
Schiff rejects Bitcoin as a substitute for the dollar
When Carlson challenged Schiff on why Bitcoin could not replace the dollar as confidence in fiat currencies collapsed, Schiff rejected the idea.
He added that Bitcoin has no physical or non-monetary value, and therefore is not a suitable currency to deposit between central banks, which require stability and liquidity.
He added that, all fiat money and Bitcoin are based on trust, but gold is unique because it is a tangible commodity that is used to make gold jewelry, electronics, astronomy and medicine.
The debate was part of a wider debate playing out in financial markets and policy circles.
Bitcoin supporters are now strongly arguing that it is digital gold because it is limited and unregulated, while the US debt has risen to $37 trillion.
A note Will Bitcoin replace the dollar? Tucker Carlson challenges Peter Schiff in a heated debate about cryptocurrencies appeared for the first time Cryptonews Arabic.
