Peter Schiff renewed his argument that energy consumed by Bitcoin miners cannot back the asset, responding to Bitcoin maximalist Jeff Swanson’s claim that Bitcoin is the future of money. Swanson cited energy expenditure, Bitcoin’s fixed issuance schedule and record computing power as pillars of his case. Schiff argued that electricity disappears after miners use it, unlike gold, which remains after extraction. The debate comes as Bitcoin’s hash rate has declined for months amid power redirection toward artificial intelligence and miner departures from the network. Swanson placed US government debt at $39 trillion, but Treasury data showed total public debt outstanding crossed $40 trillion on Aug. 18 and reached $40.10 trillion on Sept. 3. Bitcoin traded near $79,600 on Sunday, down roughly 1.5% over 24 hours. Schiff previously acknowledged missing Bitcoin gains while arguing that long-term holders had performed worse than claimed. Neither side conceded in the latest exchange, and the backing debate resurfaced as debt reached a new record.