Noted economist Peter Schiff questioned the exclusivity of Bitcoin’s BTC/USD finite supply on Friday, claiming that such assets can be easily created using a Solana SOL/USD blockchain.
What Happened: Schiff took to X to challenge the idea that the apex cryptocurrency’s “valuable digital property” thesis lies in its fixed supply, as advocated by prominent Bitcoin bull and MicroStrategy Chairman Michael Saylor.
“Anyone with a Solana address can create a meme coin with a fixed supply at practically no cost. The potential supply of fixed-supply digital assets is infinite,” Schiff argued.
The reason @saylor claims Bitcoin is valuable digital property is because it’s the only asset with a fixed supply. But anyone with a Solana address can create a meme coin with a fixed supply at practically no cost. The potential supply of fixed-supply digital assets is infinite.
— Peter Schiff (@PeterSchiff) January 24, 2025
Schiff most likely referred to Pump.fun, a Solana-based meme coin launchpad that lets users create their own tokens without requiring extensive technical expertise. The plug-and-play system allows details like token name, symbol, and total supply to be filled.
An X user, ZacG, countered Schiff’s arguments, stating that a fixed supply works well only with sufficient decentralization.
“Bitcoin’s proof of work and decentralization enforce its supply cap. Meme coins have no such guardrail,” the user stated.
Peter, a fixed supply is only credible under sufficient decentralization. Otherwise that cap is subject to arbitrary change at the whims of its central authority.
Bitcoin’s proof of work and decentralization enforce its supply cap. Meme coins have no such guardrail.
— ZacG (@zacguignard) January 24, 2025
See Also: Elon Musk’s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option
Why It Matters: Schiff’s views on Bitcoin have been a subject of intense debate. Last week, he described the leading cryptocurrency as a meme coin devoid of intrinsic value.
He has regularly expressed concern about what he sees as a speculative mania surrounding cryptocurrencies, saying that it could jeopardize the fundamentals of sound money.
Interestingly, BlackRock, the world’s largest asset manager, supposedly disputed Bitcoin’s 21 million supply cap in an explainer video in December.
Price Action: At the time of writing, Bitcoin was trading at $101,477.62, down 3.14% in the last 24 hours, according to data from Benzinga Pro. Bitcoin was up 8.86% year-to-date.
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