Economist Peter Schiff weighed in on Monday on why Bitcoin (CRYPTO: BTC) would never replace the dollar as the global reserve currency, despite the declining purchasing power of the greenback.

Bitcoin’s Value Depends On ‘Greater Fool’ Theory

Appearing on the Tucker Carlson show, Schiff said that the apex cryptocurrency lacks any appeal beyond what he often describes as the “greater fool” theory, a concept where people buy assets, not based on their intrinsic value, but with the expectation they can sell them for a higher price to a “greater fool” later.

“Central banks can’t hold Bitcoin as reserves against their own currency. If they had to sell it, the price would drop…

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