PANews reported on December 8 that according to News.bitcoin, economist and gold advocate Peter Schiff warned that Bitcoin could weaken the dollar. It would not replace the dollar, but would exacerbate economic mismanagement through government-backed speculative investments. "Ironically, Bitcoin could eventually destroy the dollar - not because it replaces the dollar as the global reserve currency, but because the US government embraces Bitcoin, prints trillions of dollars to buy Bitcoin, and fuels a bigger bubble, squandering the country's wealth."