Peter Schiff has reignited the debate regarding Bitcoin's intrinsic value, specifically challenging the argument that energy expenditure serves as a form of backing. Schiff responded to Bitcoin advocate Jeff Swanson, who had cited energy consumption, fixed issuance, and computing power as the pillars supporting the asset.
Schiff argues that energy is consumed and vanishes during the mining process, leaving no physical asset behind, unlike gold mining. He contends that mining destroys value rather than storing it. This critique comes as the network's hash rate has declined over recent months, with some operators shifting power resources toward artificial intelligence projects.
The discussion also touched upon US national debt figures. While Swanson referenced a debt level of $39 trillion, official Treasury data indicates that public debt surpassed $40 trillion on August 18, 2026, and reached $40.10 trillion by September 3, 2026.
Bitcoin's market performance remains volatile amidst these debates. On Sunday, the asset traded near $79 600, reflecting a decline of approximately 1.5% over the preceding 24-hour period. Schiff continues to maintain his long-standing skepticism toward the asset's long-term viability.